Budget 2021: a statement from Mr. Vikas Bajaj, President, AIFI(Association of Indian Forging Industry)

“This year’s Union budget is positive, as well as a progressive one with a strong drive towards the country’s socio-economic growth. It focuses on the Railways, Power, Health Infrastructure, Banking, Insurance and Agriculture sectors. Voluntary policy on the scrapping of vehicles will definitely have a positive effect and will drive the commercial and automotive industries forward. Furthermore, a recent sharp rise in iron and steel prices has affected MSMEs and other user industries severely. The positive step of reduction in customs duty uniformly to 7.5% on semis, flat, and long products of non-alloy, alloy, and stainless steels would certainly contribute to better raw material prices and reduced input costs. Also, no new corporate tax has been added which is positive news as it is a tough time for the industry. The increased government attention on the highways and infrastructure sector would definitely contribute to a significant impact on the manufacturing and Auto industry and help in employment generation which is the most critical need to revive the economy.”