Budget 2023 Reaction_ Nuberg EPC

Mr. AK Tyagi, CMD, Nuberg Engineering Limited

Mr. AK Tyagi, CMD, Nuberg Engineering Limited

The Finance Minister has presented a visionary budget with key priority on Infrastructure & Investment and Green Growth, and I will rate the budget as 9 on 10.

The vision for a technology-driven and knowledge-based economy, with strong public finances and a robust financial sector in ‘Amrit Kaal’ is well thought out.

The focus on Capital outlay including the states is especially exemplary. The FM’s emphasis on Infrastructure development having a large multiplier impact on growth and employment is backed by increase in capital investment by 33% to ₹10 lakh crore to 3.3% of GDP.

Reduction in customs duty on critical chemicals namely methanol, acetic acid and heavy feed stocks for petroleum refining being reduced is double-edged. It will help the downstream industries while also showing the path forward for investment in these as the duties can be changed later as domestic capacity catches up as in the case of sodium cyanide for which adequate domestic capacity exists.

Implementation of programs for green fuel and energy will help in reducing carbon intensity of the economy. The 19,700 crore outlay for National Green Hydrogen Mission along with 35,000 crore for priority capital investments towards energy transition and net zero objectives, and energy security by Ministry of Petroleum & Natural Gas will be transformational.

I congratulate, Prime minister Modi and The Finance Minister for this excellent budget 2023.

Nuberg EPC (www.nubergepc.com) has delivered more than 60 turnkey projects across 32+ countries in the past 25+ years to become a leader in the EPC-LSTK industry. The company offers single-point responsibility solutions and services for the engineering and construction of industrial plants from concept to commissioning. It is one of the world’s fastest-growing companies in its specialization, with an internal team of more than 300 engineers that provides global competitiveness. Nuberg EPC’s specialized heavy fabrication facility located in Gujarat gives the company a unique quality and time advantage. Additionally, Nuberg EPC’s research & development facility in Sweden has developed in-house process technologies that have been successfully applied in large-scale industrial plants worldwide. Nuberg EPC serves in the chemicals & fertilizers, hydrocarbon, steel, and nuclear & defence industries worldwide.

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