Cutting of import duties on metal a welcome announcement in Budget 2022, says SKF MD

“The heightened expectations from the Budget 2022 have met with a matching delivery. The budget is more capital incentive – focusing more on the supply side and growth-oriented, with no adverse tax rollout. We are excited to see announcements under the ‘Battery Swapping policy’, supporting the clean tech in urban mobility space. PM Gatishakti plan of expanding national highways by 25,000 will act as a catalyst in seamless mobility, employment generation, and efficient connectivity across the nation. We welcome FM’s announcement on cutting down of import duties on metals including steel and aluminium. The move will benefit the manufacturing sector to lower input cost and unburden the businesses from hiked steel prices,” says Bhatnagar.