Union Budget's focus on infra development will boost steel demand: SAIL Chairperson

Steel Authority of India Limited (SAIL) Chairperson Soma Mondal on Monday lauded the Union Budget 2021-22 for focusing on the infrastructural development which will, in turn, have a positive impact on demand for steel in the country.

"The Budget has put emphasis on accelerating the growth momentum of the country by targeting infrastructural growth including road, rails, urban, power, ports, shipping etc. The National Infrastructure Pipeline (NIP) incorporates 500 more new projects. The creation of Development Financial Institution will help address the funds requirements of different agencies," she said.

Mondal said the announcement of Production Linked Incentive Scheme, Vehicle Scrapping Policy, coverage of one crore more families under Ujjwala Yojana and various other plans will boost domestic production.

"All these measures and thrust on infrastructural development will have a major positive impact on the demand for steel in the long run," she added.

The government has decided to spend big on infrastructure across a wide variety of sectors to give a greater impetus to the economy which is recovering from the impact of COVID-19, said Finance Minister Nirmala Sitharaman while addressing the post-budget press conference on Monday.

( With inputs from ANI )