Tata Steel CEO & MD’s comments on Union Budget 2022-23

Tata Steel CEO & MD’s comments on Union Budget 2022-23 – “The Hon. Finance Minister delivered again another innovative, forward-looking, and inclusive budget with the goal of setting the economy up for increased development, particularly against the background of a heartening overall economic recovery.

Tata Steel CEO & MD's comments on Union Budget 2022-23

Tata Steel CEO & MD’s comments on Union Budget 2022-23

 

It is encouraging to see the administration continuing to prioritise infrastructure and increasing public expenditure while maintaining a strict budget and steady policy framework.

In order to guarantee that the advantages spread across the economy, we applaud Budget 2022–23 and look forward to a diligent implementation of the suggested measures.

The additional funding for infrastructure projects will undoubtedly boost the economy, creating jobs throughout the nation and stimulating demand for a variety of goods, including steel.

The PM Gatishakti Yojana, network development, and establishment of multi-modal national parks will be vital in modernising the nation’s logistics infrastructure, increasing industrial competitiveness, and fostering entrepreneurial prospects.

The Make in India initiative will gain momentum thanks to the allocation of 68 percent of capex for the defence industry for domestic procurement.

The Ease of Doing Business 2.0 process roadmap is a positive step toward increasing productivity, efficiency, and transparency and will open the door to addressing challenging problems with regard to green clearances and land acquisition.

The initiatives about more accessible tap water, cheap housing, and the establishment of a strong digital infrastructure in rural areas would promote equitable growth.

The budget contains long-term goals to support the transition to a green economy in order to address climate-related problems.

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We warmly welcome any initiatives that may assist in achieving our net zero aim, including the inclusion of sovereign green bonds in government borrowing programmes, the PLI scheme for the production of high efficiency solar modules, and the funding of projects to decrease carbon intensity.

The battery swapping policy will promote the use of EVs and help with sustainability. In order to promote smart and sustainable living, the budget also tackles the crucial backdrop of urban planning with an emphasis on establishing sanitary public transportation networks.

The extension of the exemption from customs duties on scrap steel is a step in the right direction since it would increase the country’s scrap availability, reduce the steel industry’s carbon footprint, and aid MSME secondary producers.

The budget for 2022–2023 generally lays out the steps necessary to achieve the goal of a $5 trillion GDP.

Vijayendran T.

Tata Steel’s CEO and MD

Regarding Tata Steel

The 34 million tonnes of crude steel that the Tata Steel Group can produce annually places it among the top steel producers in the world. With activities and a global commercial presence, it is one of the most geographically diverse steel manufacturers in the world. The group’s fiscal year ended March 31, 2021, with a combined turnover of US $21.06 billion.

Tata Steel Ltd., a Great Place to Work-CertifiedTM company with over 65,000 employees, is dispersed over five continents with its subsidiaries, affiliates, and joint ventures.

Since 2016, the DJSI Corporate Sustainability Assessment has continuously placed Tata Steel among the top 5 steel firms. Tata Steel has been a member of the DJSI Emerging Markets Index since 2012.

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Tata Steel has received numerous honours and recognitions, including the Prime Minister’s Trophy for the best performing integrated steel plant for 2016–17 and the World Economic Forum’s Global Lighthouse recognition for its Jamshedpur, Kalinganagar, and IJmuiden Plants. Tata Steel is also a member of ResponsibleSteelTM and worldsteel’s Climate Action Programme.

A- (leadership band) rating from CDP for its Climate Change disclosure and Supply Chain disclosure, Steel Sustainability Champion recognition from worldsteel, “Most Ethical Company” award from Ethisphere Institute, “Best Risk Management Framework & Systems Award” (2020) from CNBC TV-18, and Award for Ethical Business Practices are just a few accolades that the company has received. It is also ranked as India’s most valuable Metals & Mining brand by Brand Finance.

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