Hike in provision for capex to have strong multiplier effect on economy: TV Narendran

Jamshedpur, Jul 23 (PTI) Lauding the Union Budget, Tata Steel CEO TV Narendran on Tuesday said the provision for capital expenditure of about Rs 11 lakh crore is a major boost for improving infrastructure and will have a strong multiplier effect on the economy.

In a statement, Narendran said the government's comprehensive development vision will foster growth and employment.

"As a key component of infrastructure development, steel will see increased demand, particularly with the enhanced budgetary allocation for housing and water supply," he said.

Narendran said the various incentive schemes will boost employment, particularly in manufacturing, and support economic development.

"The impetus on education and skilling will empower youth to meet the demands of a dynamic job market," he said.

"The government's intention to develop a roadmap for emission targets in 'hard to abate' industries is commendable. The government support is crucial for the successful transition of these industries. We await further details on the regulations pertaining to the 'Indian carbon market'," he added. PTI BS SOM