Indus Valley Times

By A. K. Sahoo

Bhubaneswar, Feb. 2: Mr Dilip Oommen, CEO AM/NS India has said that the Union Budget 2023-24 presented by the finance minister Nirmala Sitharaman on Wednesday is a progressive document and aims at building India as strong economy.

“It is a progressive ‘Saptarishi’ Budget – the first in Amrit Kaal – has hit the right notes to fuel growth across industries and will propel India to become a global manufacturing hub. A significant 33 per cent increase in capital expenditure to Rs 10 lakh crore – 3.3 per cent of the GDP is  thrust to fast-track infrastructure development. The highest ever Rs 2.40 lakh crore for railways will translate into robust domestic steel demand, thus spurring private investments and job creations,” said Mr Oommen.

He added, “First and last-mile connectivity for sectors like steel, ports and coal, 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 per cent 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.”

Mr Dilip Oommen is the president of Indian Steel Association, and CEO of AM/NS India and Executive Vice President of ArcelorMittal.