Budget gave us all that we asked for and more, says Tata Steel MD Narendran

TV Narendran, Managing Director of Tata Steel.

“I think the Budget has been great. I think it’s given us all that we have asked for and more. You know, this focus on infrastructure, whether its overall infrastructure capex at the central level or the state level, which is being encouraged.” That was Tata Steel Managing Director TV Narendran.

Finance Minister Nirmala Sitharaman in her Budget speech on Wednesday announced that the government has increased capital expenditure for FY24 by 33 percent to Rs 10 lakh crore, amounting to 3.3 percent of India's Gross Domestic Product (GDP).

Narendran mentioned that the focus on railways is very crucial as it is often considered that the railways could be a big bottleneck for growth. The government has in the Union Budget allocated the highest-ever capital outlay at Rs 2.4 lakh crore for the railways, which is about 24 percent of the total capex outlay.

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“I also think the action to trigger consumption, I think a lot of action on the rural economy, on agriculture, will hopefully prop up rural consumption which’s been slow over the last few months. And I think the actions on the taxes etc. will also hopefully spur consumption," Narendran told CNBC-TV18 in a post-Budget analysis.

He also hailed the renewed thrust on tourism as it will boost the service industry which has been suffering for the last three years.