Jamshedpur, Feb 1 (PTI) Tata Steel CEO and Managing Director T V Narendran on Tuesday welcomed the Union Budget, describing it as yet another progressive, future focussed and inclusive budget that aimed to position the economy on an accelerated growth trajectory, especially in the backdrop of an encouraging broader economic recovery, a company statement said. "It is heartening to note the government"s sustained focus on infrastructure and increased public spending while staying committed to the fiscal discipline and stable policy regime. We welcome Budget 2022-23 and look forward to concerted implementation of the proposed reforms to ensure the benefits percolate across the economy," he said. The increased allocation to infrastructure spending will certainly have a multiplier effect on the economy, generating employment opportunities across the country and creating demand across product categories, including steel. The PM Gatishakti Yojana, expansion of National Highway network, and introduction of multi-modal national parks will play a crucial role in modernising the country"s logistics infrastructure, make manufacturing more competitive and give boost to entrepreneurial opportunities in the country, the statement said. The earmarking of 68 per cent capex for the Defence sector for domestic procurement will give fillip to the Make in India programme, it said. The process roadmap for Ease of Doing Business 2.0 is a welcome move towards improving productivity, efficiency and transparency and will pave way for resolving complex issues related to green clearances and land acquisition. The announcements on affordable housing, increased access to tap water and creation of robust digital infrastructure in rural areas will foster inclusive development. The extension of customs duty exemption on steel scrap is a positive step to drive availability of scrap in the country, will help mitigate the carbon footprint of steel sector and benefit the MSME secondary producers. "Overall, the budget 2022-23 sets the course for realising the ambition of a $5 trillion economy,” Narendran added. PTI BS RG RG