Commenting on Union Budget 2010-11, Manoj Kumar Agarwal, Managing Director, Adhunik Metaliks, said, “We welcome the 2010-11 budget and we are happy to see the government is taking keen interest in infrastructural development of the nation. The amount of Rs 1,73,552 crore earmarked for infrastructure development in both urban and rural areas would also help increase steel demand. Incentives to individuals for investing in infrastructure bonds can also increase steel demand.

The proposed 'coal development regulatory authority' would help the government allocate coal supplies according to the needs of the business entities. This would be beneficial since coal is the key fuel for power generation. The bidding process of coal mines initiated by the government, too, is a welcome move. The new tax slabs for individuals will allow them have more money to spend, thereby driving the growth story. In a nutshell, the government has kept its focus on the overall development of the country in mind while announcing this budget.”

Powered by Capital Market - Live News