Union Budget 2015: Hail bankruptcy code; it will aid banks, says Tata Steel

From a shorter term point of view I just had a glimpse of some of the rate changes and duty changes and I saw that there has been a 5 percent increase in customs duty in steel which has been an important issue for the steel industry given the deluge of imports that is coming from Russia and China. So, from that perspective it is a good one.

However, fundamentally if one looks at it from and many commentators would have already spoken about it but the fact is that two or three things which are very important highlights for me; one is the concept of introducing the new bankruptcy code and during this year because that I believe will release a lot of assets that have been invested on the ground in better hands for future productivity and that will also potentially have a big impact on the banking industry which is needing capital for funding the next investment cycle. So, that is an important thing.

Second, there are various small notable steps taken for ease of doing business and those have been the stand of this new government when they came into power and if those continue to happen, there will be confidence in people who undertake businesses in this country to put in more capital and that itself will have a cascading impact and finally on the social side for the first time we are looking explicitly as a pronouncement that India would provide social security system to its citizens and there are many highlights being provided.

At this point of time in the economy and with the kind of demographics that we have, that can actually make people lot more secure and the quality of life improves and that is another plus point.

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