On the backdrop of a strong economic growth the Finance Minister has tried to maintain a judicious mix of economic prudence and social obligations. The steel sector welcomes the duty corrections in the range of 2.5-3% on iron ore, zinc, refractories and catalysts. However, the rate cuts are below our expectations and will have only a marginal impact on our costs. The increased allocation for agricultural and rural development and the expressed intentions on infrastructure development will be a major booster for steel demand in case they actually materialize. The steel industry appreciates the intentions of the Finance Minister to make India a global hub for steel, but at the same time it hopes that these intentions will be converted into an action plan to enable this industry to achieve its full potential. There is a need for speedy allocation of captive mines of iron ore, on the lines of the policy announced for allocation of coal, in order to fulfill this objective.