While the NBCC CMD hailed the significant reduction in the tax burden on home buyers, SAIL CMD said that increased budget allocation for developing rail infrastructure indicates that steel consumption in the country is going to rise
New Delhi: On a day when Finance Minister Piyush Goyal announced a mammoth budgetary support totalling Rs 4.56 lakh crore under the Union Budget for infrastructure development, the Chairman and Managing Directors of two public sector undertakings (PSUs) — NBCC and Steel Authority of India Ltd (SAIL) — hailed the 2019 interim budget as a positive move.
What did the minister say?
Keeping up the momentum created over the last five years, Goyal said, “Infrastructure is the backbone of any nation’s development and quality of life. Whether it is highways or railways or airways or even digi-ways, we have gone beyond incremental growth to attain transformative achievements.” The financial outlay covers the roadways, railways, shipping and aviation sectors.
NBCC’s chairman Anoop Kumar Mittal also welcomed the budget, saying that it was a demonstration of the government’s vision to set up the stage for decades of growth, “The government’s endeavour to significantly reduce the tax burden on home buyers is highly commendable. Extending benefits, under Section 80-IBA of the Income Tax Act for one more year, is a welcome move to alleviate stress on the real estate sector and to make housing affordable. With a strong focus on building rural and social infrastructure, tripling the construction of rural roads will be instrumental in offering seamless connectivity thereby improving quality of life. In addition to this, setting up the 22nd AIIMS in Haryana reflects the government’s intention to offer affordable healthcare to the masses… It is completely in line with India’s aspiration to become a 5 trillion economy in the next five years.”
Commenting on the budget, SAIL CMD Anil Kumar Chaudhary said, “The budget announcement for industry as a whole looks positive. The development of infrastructure in the country has been given further emphasis in this interim budget as well. Sectors like railways, roadways and waterways remain the focus areas of growth. Budget allocation for expanding the railway infrastructure, improving connectivity through Pradhan Mantri Gram Sadak Yojana and scaling up the Sagar Mala project are all indications for more steel consumption in the country.”