A progressive ‘Saptarishi’ Budget : Dilip Oommen, CEO of AM/NS India

Mumbai : “A progressive ‘Saptarishi’ Budget – the first in Amrit Kaal – has hit the right notes to fuel growth across industries and propel India to become a global manufacturing hub.” says Dilip Oommen, President of Indian Steel Association, and CEO of AM/NS India and Executive Vice President of ArcelorMittal in his reaction to the Union Budget placed in the parliament by Union Finance Minister Mrs. Nirmala Sitharaman.

Mr. Oommen said ” A significant 33% increase in capital expenditure to Rs 10 lakh crore – 3.3 % of the GDP, thrust to fast-track infrastructure development, and the highest ever Rs 2.40 lakh crore for railways will translate into robust domestic steel demand, thus spurring private investments and job creations. First and last-mile connectivity for sectors like steel, ports, coal, etc. with an investment of Rs 75,000 crore will improve logistics efficiency. This Budget is focused on growth and improving consumption. At the same time, there is a focus on the green economy and digitalisation. Reforms are on the right trajectory of fiscal consolidation to reach the targeted fiscal deficit level below 4.5% by 2025-26. The Budget underpins a long-term plan that shows the right path to drive economic revival at a time when advanced economies are facing a tough time.”