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Drumbeat: Ad Buzzaar
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Tuesday, June 2, 1998
SAIL chairman lauds growth oriented budget
Our Bureau
New Delhi, June 1: Sail chairman Arvind Pandey said, "We welcome this growth-oriented budget which is expected to take the reforms process ahead. Opening of the insurance sector and the time-bound disinvestment process are steps in the right direction. The real growth in the economy will begin once the funds are made available in the liberalised environment. We believe the infrastructure sector, with an increased outlay in power, housing, refinery etc, should lead the growth in the economy. All these measures are expected to boost the demand of steel and give a much-awaited respite to this industry, which has been suffering for the last two years. In the wake of heavy dumping of steel in the country, the additional 8 per cent CVD will provide a level playing field to the domestic steel industry, particularly the increased duty on CR coil, will set the anomaly right. However, for the integrated steel plant, the import of coking coal is a necessity, particularly since the coal of right quantity and quality isnot available domestically. We hope the govt will give due cognizance and provide necessary adjustment in the final bill."Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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