Muthuraman welcomes introduction of export duty on iron ore

Jamshedpur, Feb 28 (UNI) Tata Steel managing director B Muthuraman tonight said the union budget was directed towards the long tem growth of Indian economy.

Reacting to the budget, presented by Union finance minister P Chidambaram today, Mr Muthuraman said ''The budget is more focused to bring the under-performing sectors to perform, without jeopardizing the growth trajectory of the overall economy.'' He, however, opined that the increase in dividend distribution tax and cess on education would increase the tax burden on the corporates.

Mr Muthuraman termed the introduction of export duty on iron ore and chorme ore was a very welcome move which would conserve the scarce resources of the country for the long term benefit.

Pointing out the negative aspects of the budget, Mr Muthuraman said ''The budget does not incentivise large investment in the private sector. Increase in devident distirbution tax and education cess is certainly negative from the investor point of view.''.

UNI