Govt's budgetary push for infra to boost cement industry: CMA
Finance minister Nirmala Sitharaman in her over two-hour long speech announced the plans to set up five new smart cities on PPP model and 100 more airports to be set up by 2024 to support UDAN scheme and allocated Rs 1.7 lakh crore to transportation.
"The emphasis on highways and roads development is well placed. This captures the priorities of economic development and an aspirational India. We would hope that rural demand gets revived and it assists in job creation," CMA President Mahendra Singhi said.
He further said the emphasis on infrastructure development, new 100 airports and focus on roads will go a long way to revive cement demand.
The association has also welcomed the strong push in the budget for doubling farmers' income by 2022, saying strong rural sector will boost the cement sector.
"The development of warehouses and cold storage facilities in rural India will boost agri-infrastructure in the country which is a welcome development," Dalmia Cement (Bharat) CMD Singhi said.
According to CMA, the decision on abolishing the dividend distribution tax (DDT) will also benefit corporate India and will give a big boost to investment.
"The budget aims at making growth more inclusive while retaining focus on the immediate priorities. Priorities given to household, roads, railways, economic corridors, solar power, accelerated development of highways should help boost development and wealth creation.The cement industry is committed towards playing a strong role in the government's aspirational agenda for transformative economic growth," CMA Vice President and CEO and MD of ACC Neeraj Akhoury said. PSK BAL
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