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The <a href="http://www.businessinsider.in/searchresult.cms?query=Union+Budget+2016-17">Union Budget 2016-17</a> presented by the Honorable Finance Minister, Mr <a href="http://www.businessinsider.in/searchresult.cms?query=Arun+Jaitley">Arun Jaitley</a>, focuses on policy and taxation reforms needed to provide impetus to the economy and reflects the government’s commitment to improve the Ease of Doing Business. Through the Union Budget, the government has taken steps to boost the agricultural and social sector for an inclusive growth. The <a href="http://www.businessinsider.in/searchresult.cms?query=Union+Budget+2016-17">Budget</a> has taken a special emphasis on Tax Reforms and Dispute Resolution which should go a long way in creating a facilitating environment for conducting business in India. The FM has tried to do a balancing act between fiscal consolidation and growth in the midst of global headwinds. 
 
India is the world’s third-largest producer of <a href="http://www.businessinsider.in/searchresult.cms?query=crude+steel">crude steel</a> (up from eighth in 2003) and the world’s 3rd largest consumer of finished steel. Steel sector should get the much needed demand boost through the government spending in infrastructure. The budgetary proposals announced by the Finance Minister will help the industry meet its growth target and reach its full potential. However, the doubling of Clean Energy Cess from Rs 200 to 400 per ton would further increase the input cost for domestic producers. 
 
In the coming days we are hopeful that the Government will take steps to progress the <a href="http://www.businessinsider.in/searchresult.cms?query=GST+Bill">GST Bill</a> including the suggestions given under CEA panel. Steel Industry is a significant contributor to India’s <a href="http://www.businessinsider.in/searchresult.cms?query=GDP">GDP</a> and is also pivotal to a number of allied industries and sectors such as- Infrastructure, Automobile, Construction . Therefore it is important that the steel be brought within the ambit of the GST. 
 
The domestic steel industry will continue to play an important role to the Government of India’s schemes of ‘<a href="http://www.businessinsider.in/searchresult.cms?query=Make+in+India">Make in India</a>’ and ‘Smart cities’ as it is a key material supplier to the allied industries. However, the industry has been bogged down by a deluge of imports and predatory pricing over the last 18 months. And the absence of a level-playing field with countries would impact the domestic producers. While recent interventions by Government of India has given some breather, long term measures to create a level playing field are required to firewall the domestic steel industry from Global overcapacity and dumping . 
 
(This article is authored by <a href="http://www.businessinsider.in/searchresult.cms?query=TV+Narendran">TV Narendran</a>, MD of <a href="http://www.businessinsider.in/searchresult.cms?query=Tata+Steel+India">Tata Steel India</a>) 
 
Image credit: Indiatimes

Here's what Tata Steel MD thinks about Union Budget 2016

A lot of hopes are pinned on <a href="http://www.businessinsider.in/searchresult.cms?query=union+budget">Arun Jaitley’s upcoming Budget</a>. With a day left for the Budget 2016-17 to be unveiled, here’s Mr TV Narendran, Managing Director of <keyword id="6357147" type="CITY" weightage="20" keywordseo="Tata-Steel">Tata Steel</keyword> India and South East Asia, highlighting some of the key challenges in the <keyword id="34559" type="UNKNOWN" weightage="20" keywordseo="steel-industry">steel industry</keyword> and his expectations from the upcoming Union Budget. 
 
“Over the last year, the Government has put in a lot of effort putting in place various building blocks. From administrative reforms such as setting up of the NITI Aayog to launching flagship programmes such as the Prime Minister’s “Make in India” initiative and “SMART cities”. The country has steadily moved up on the World Bank’s <a href="http://www.businessinsider.in/searchresult.cms?query=Ease+of+Doing+Business">Ease of Doing Business</a> index to 130 from 142. And it is imperative the Government continues pushing forward with its reform agenda. 
 
The past one year has been one of the most difficult phases for the domestic steel industry. While the Government set a target of producing 300 million tonnes by 2030, the industry seems to be wobbling at current production levels. According to the Steel Ministry’s Joint Plant Committee (JPC), production of crude steel during April - December 2015 has been stagnant, growing at 0.9% compared to the same period last year, to 67 MT. The trend for demand has been equally dismal. 
 
On the other hand during the same period, the industry faces the impact of the continued surge in imports which grew by 30%, this time from a higher base and predatory pricing from countries like China which have more than 400 million tonnes of capacity surplus. The sector unfortunately also represents a huge proportion of the banks’ non-performing assets (NPA) on account of stalled projects. 
 
While short term measures like safeguard duty and Minimum Import Price (MIP) has provided certain amount of relief, the need of the hour is permanent measures. Another major stimulus would be Government procurement from the domestic steel sector especially for demand creation projects such as urban and Smart Cities. It is expected that significant number of infrastructure projects would be announced, which could further push the demand of steel by 10% – 15 %. Investment in infrastructure will also help us reduce the cost of doing business. While the industry can control the costs within the factory gates, the Government has far greater influence on the costs outside the factory gates. Just as the government has done a commendable job in improving the ease of doing business, we would like more initiatives to reduce the cost of doing business as well. 
 
Others ways of triggering growth for the sector would be reduce or even remove the import duty on certain raw materials like iron ore, coke and metallurgical limestone. Due to limited availability in India, steel manufacturers depend on the import of these raw materials, and at such trying times even a 2.5 % import duty greatly impacts cost of production and other operational costs. It is necessary to streamline the supply of raw material at competitive prices to maintain the economic viability of existing projects and incentivize investment in expansions. Lastly, Indian industry continues to look forward to bring in <a href="http://www.businessinsider.in/Budget-2016-All-you-need-to-know-about-GST/articleshow/51157277.cms">GST</a> with changes suggested by the CEA Panel which we believe will help simplification in the <keyword id="6383566" type="PERSON" weightage="20" keywordseo="Taxation">taxation</keyword> processes and increase efficiency.” 
 
(Image credit: PTI)

Here's what Tata Steel India MD TV Narendran expects from the upcoming Union Budget

The <keyword id="6354868" type="General" weightage="20" keywordseo="uk" source="Orion">UK</keyword> <keyword id="26362" type="General" weightage="20" keywordseo="government" source="Orion">government</keyword> has offered a counter-package to <keyword id="6357147" type="DOMAIN" weightage="20" keywordseo="tata-steel" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="tata steel" meta.entityname="Tata Steel Ltd." meta.entityid="12902" meta.seoname="tata-steel-ltd">Tata Steel</keyword> against its proposal seeking a financial package to execute its decarbonisation plans for its plant in Port Talbot, its global CEO and MD TV Narendran has said. However, there is a big gap between what <keyword id="8555" type="General" weightage="100" keywordseo="tata" source="Orion">Tata</keyword> <keyword id="34570" type="General" weightage="20" keywordseo="steel" source="Orion">Steel</keyword> had asked for and what the British government has offered, he said without sharing any details of the government's offer. Tata Steel owns the UK's largest steelworks at Port Talbot in South Wales and employs around 8,000 people across all its operations in the country. The company had sought 1.5 billion pounds from the UK government to execute its decarbonisation plans. When asked if the Rishi Sunak-government in the UK has responded to Tata Steel's proposal seeking financial support, the CEO replied in affirmative. Tata Steel UK had submitted a proposal to transition into a new process route, which will be greener and more sustainable. The UK government has come back with a counter-proposal, which is less than what the company had asked for, Narendran told PTI in a video conference. Tata Steel will now have to re-work on its decarbonisation plans for the UK business. It will rethink the facilities that can be set up and those which can't be taken forward, he said. "We need to re-look at the configuration because our proposal we felt was the most optimal proposal from the long-term sustainability of the site but obviously the UK government will also be limited by how much support they can give because the UK itself is in a difficult position economically. So, we have seen what they have offered. Let us now work and see if there is something which can be worth it," the company official said. When asked about the company's stance on exiting the UK business, which has been affecting the company's balance sheets, Narendran said Tata Steel can not see its future in the UK without the support of the government there. "What I have said last time is we believe that we can't create a future in the UK without some government support. Now that the government has come back with a proposal... let's see if based on their offer we do something which can work," he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/video-games-dont-harm-cognitive-abilities-but-dont-benefit-either-says-us-based-study/articleshow/97730048.cms">Video games don't harm cognitive abilities but don't benefit either says US based study</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/microsofts-chatgpt-powered-bing-browser-now-available-publicly/articleshow/97729788.cms">Microsoft's ChatGPT-powered Bing browser now available publicly</a>

UK govt offered us a counter-package for Port Talbot plant, says Tata Steel CEO

The process of the world's transition towards 'net-zero' needs to be inclusive to avoid accentuation of social inequality challenge and the 'exemplary progress' made by <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> in the area is worthwhile for the global community to look at, <keyword id="6357073" type="DOMAIN" weightage="20" keywordseo="itc" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="itc" meta.entityname="ITC Ltd." meta.entityid="13554" meta.seoname="itc-ltd">ITC</keyword> Chairman and Managing Director <keyword id="1968926" type="General" weightage="50" keywordseo="sanjiv-puri" source="Orion">Sanjiv Puri</keyword> said on Monday. In his address at the Business-20 (B20) India inception meeting in Gandhinagar, <keyword id="4903" type="General" weightage="100" keywordseo="puri" source="Orion">Puri</keyword> also called for collective efforts in the G-20 and global community to come together to find solutions in a collaborative fashion for a sustainable future. "The fact that the world has to transition to net-zero, the fact that the world needs to move to a more sustainable and greener future is well acknowledged and understood. However, as we all know, progress has not been adequate," Puri said at the meeting organised by <keyword id="6358345" type="General" weightage="50" keywordseo="cii" source="Orion">CII</keyword>. There are challenges, there are critical, financial and social issues that need to be addressed, to accelerate progress, he added. "It is important as we traverse this complex journey that the process is inclusive, no country, no community, no enterprise should be excluded in the process. Otherwise, the whole challenge of social inequality will only get accentuated," Puri cautioned. In this context, he said,"I think it would be worthwhile to look at the manner in which India has made exemplary progress in this area. India is on its way to deliver on the NDCs (Nationally determined contributions) that India has committed. It's in fact the only country amongst the G-20 that is in a position to do so." Whilst India has made appreciable progress through purposeful policy interventions, he said,"Equally it has recognised the need for an inclusive process. The focus on <keyword id="6358354" type="General" weightage="50" keywordseo="msme" source="Orion">MSME</keyword>, the focus on rescaling, upskilling, I think the whole India stack of digital provides the vehicles for collaboration and inclusive growth." <keyword id="6357147" type="DOMAIN" weightage="20" keywordseo="tata-steel" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="tata steel" meta.entityname="Tata Steel Ltd." meta.entityid="12902" meta.seoname="tata-steel-ltd">Tata Steel</keyword> CEO and Managing Director TV Narendran agreed that there was a need to move towards a sustainable future by taking along all the stakeholders. "There are millions of people who are working in the coal or the fossil fuel ecosystem. How do you, as you transition into renewable energies, rescale those workers or how do you make sure that you deal with the socio-economic consequences of the changes that we are bringing about particularly in developing countries where the socio-economic consequences are going to be immense," he said. He asserted that there are multiple areas that "we need to work on and I think there is a need for us to now get into the details and get into those milestones that we need to achieve over the next few years, even as we chase the goals that you've set for the next few decades." Puri termed the journey ahead as "complex" with focus on many areas needed and said,"it requires all of us collectively, in G-20 and the global community to come together and find solutions in a collaborative fashion while delivering our own promises." He cited the example of collaboration in the <keyword id="3155010" type="General" weightage="50" keywordseo="international-solar-alliance" source="Orion">International Solar Alliance</keyword> and said it has brought the world together to harness the power of solar energy. "Similarly, there are many other areas we need to collaborate on and put our heads together and forge ahead," Puri said adding, enterprises as large economic organs of society must lead the way. He further said,"We (enterprises) are also users of a lot of societal resources. It's good that there is greater amount of interest, better trust amongst corporates, but I think the movement needs to be made much faster, the movement needs to be made much more inclusive, much more widespread." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/b20-has-important-role-to-play-can-be-value-adding-for-world-says-n-chandrasekaran/articleshow/97244919.cms">B20 has important role to play; can be value adding for world, says N Chandrasekaran</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adani-plans-to-launch-at-least-five-ipos-between-2026-to-2028/slidelist/97248256.cms">Gautam Adani plans to launch at least five IPOs between 2026 to 2028</a>

Transition to net-zero should be inclusive to avoid accentuation of social inequality, says ITC CMD Puri

<ul><li><keyword id="6357147" type="General" weightage="20" keywordseo="tata-steel" source="Orion">Tata Steel</keyword>’s revenues from operations rose by 18.6% to ₹63,430 crore in the June quarter of 2022.</li><li>Net profit declined 12.83% to ₹7,764.96 crore in the June quarter.</li><li>The company’s raw material cost higher by ₹6,446 crore</li></ul>Tata Steel on Monday reported a sharp decline in its consolidated profit in the first quarter of fiscal year 2023, even as its revenues from operations rose by 18.6% to ₹63,430 crore. The company’s operational revenue stood at ₹53,465 crore last year in the same quarter. On a sequential basis, the consolidated revenues have declined 8.5% from ₹69,324 crore during the previous quarter. However, its operating income increased on a per ton basis primarily due to market expansion in Europe. “This has been a challenging quarter for the Global and Indian economy with rising interest rates, supply chain constraints and slowdown in China due to COVID. Despite these multiple headwinds, Tata Steel has delivered a strong performance with an improvement in margins," Tata Steel CEO and MD TV Narendran said. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April-June 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January-March 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April-June 2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Operational Revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹63,430 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹69,324 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹53,465 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net Profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹7,764.96 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8,907 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹9,756 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EBITDA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15,047 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15,174 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹16,185 crore </td></tr></tbody></table> Tata Steel’s net profit stood at ₹7,764.96 crore for the June quarter, representing a decline of 12.83% compared to ₹8,907 crore posted in the same quarter last year. Its profit declined by 20% from ₹9,756 crore achieved during the January-March quarter this year. This decline in profit comes on the back of rising cost of raw materials. The company’s raw material cost increased by over ₹11,000 crore, from ₹19,956 crore to ₹31,319 crore in a span of one year, even though the steel production declined marginally. The raw material cost grew by more than ₹6,000 crore compared to ₹24,873 crore three months ago. Tata Steel, in its investors presentation, noted that the raw material cost “ increased primarily due to higher coking coal consumption cost across key entities”. The raw material cost stood at ₹19,956 crore in the June quarter of last year. Its employee benefits expense actually declined from ₹1,723 crore in March quarter to ₹1,540 crore in the June quarter. Meanwhile, its other expenses have declined by ₹1,334 crore due lower power costs, consumption of stores and spares. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/policy/economy/news/house-of-cards-goldman-sachs-cuts-msci-china-index-earnings-forecast-to-zero/articleshow/93113216.cms">House of cards: Goldman Sachs cuts MSCI China's earnings forecast to zero</a> <a href="https://www.businessinsider.in/india/news/india-has-the-highest-rate-of-women-taking-action-against-harassment-calls-and-messages/articleshow/93107553.cms">India has the highest rate of women taking action against harassment calls and messages</a> <a href="https://www.businessinsider.in/science/health/news/monkeypox-outbreak-in-india-heres-what-we-know-so-far-about-symptoms-prevention-of-the-infection/articleshow/93111853.cms">Monkeypox outbreak in India: Here’s what we know so far about symptoms, prevention of the infection</a>

Tata Steel’s net profit declines in Q1 on the back of rising raw material costs

<ul class="summary-list"><li><keyword id="12493068" type="UNKNOWN" weightage="60" keywordseo="home-builders" source="Orion">Home builders</keyword> can't find basic materials they need to complete the backlog of <keyword id="11964300" type="UNKNOWN" weightage="60" keywordseo="construction" source="Orion">construction</keyword> projects.</li><li>The NAHB claims that in 2021, more than 90% of builders reported delays and materials shortages.</li></ul>Home builders can't find basic materials like lumber or steel, which is delaying — and increasing the price of — the construction of <a href="https://magazine.realtor/daily-news/2021/09/17/report-america-is-short-524m-homes">5.24 million homes</a> now needed to meet the demand of this year's buyers.Home Depot, and maybe even Congress, is here to save the day. The National Association of Homebuilders (NAHB) <a href="https://nahbnow.com/2021/06/record-number-of-builders-report-material-shortages/">says</a> that in 2021, more than 90% of builders reported delays and materials shortages. Plus, new taxes from the Biden administration have also driven prices higher. Amid historic-high demand for homes, retailers like <a href="https://www.cnbc.com/2020/08/04/home-depot-to-speed-up-deliveries-with-new-distribution-centers.html">Home Depot</a> are investing billions to serve a market in crisis. Even with these investments, builders have become so concerened, they are seeking help from Congress. Home builders fear the bottleneck could make the crisis worse as demand doesn't seem to be slowing down anytime soon.In the cycle of supply and demand, this is bad news for buyers worried about continued bidding wars and a lack of options. Redfin says November <a href="https://www.redfin.com/news/november-new-low-for-home-inventory/">marked an all-time low </a>for available housing and predicts the number of available homes for sale will decline to historic levels in 2022. "The low inventory is driving up housing prices and reducing affordability across the nation," Redfin Chief Economist Daryl Fairweather told Insider. "When inventory is low, the market becomes more competitive, leading to bidding wars that drive up housing prices."<h1>Expensive materials mean expensive homes</h1>In November, the Biden administration slapped tariffs of nearly 18% on Canadian softwood lumber producers that import to the US, <a href="https://www.enr.com/articles/53119-us-doubles-tariffs-on-canadian-softwood-lumber-contractors-expect-higher-prices">doubling the rate</a> of the Trump administration. The US <a href="https://www.canada.ca/en.html">accounts for 75%</a> of the value of those exports from Canada, so economists <a href="https://www.nahb.org/~/media/NAHB/advocacy/docs/top-priorities/lumber/nahb-lumber-tariffs-letter-to-biden-120321">predict </a>additional costs and supply constraints. Random Lengths, an information center for the wood and products industry, confirms that as of December, the price of framing lumber <a href="https://www.randomlengths.com/Help/Price-Guide-Revisions/">jumped </a>$1,000 per thousand board feet, marking a 167% increase since late August. The CEO of Tata Steel, T.V. Narendran, <a href="https://www.cnbc.com/2021/11/22/steel-prices-to-trend-higher-compared-to-the-last-10-years-tata-steel.html">told</a> CNBC that steel prices are expected to trend above $600 per ton in the coming years.In the meantime, lumber prices have <a href="https://nahbnow.com/2022/01/latest-wave-of-rising-lumber-prices-adds-more-than-18600-to-the-price-of-a-new-home/">nearly tripled</a> in the past four months, according to a study from the NAHB. The organization calculated that as a result, the price of an average new single-family home has climbed by more than $18,600 while nearly $7,300 has been added to the market value of the typical new multi-family home."Despite the increase in sales, <keyword id="11957056" type="UNKNOWN" weightage="60" keywordseo="housing-affordability" source="Orion">housing affordability</keyword> remains a major concern," said Danushka Nanyakkara-Skillington, NAHB assistant vice president of forecasting and analysis. "With building material pricing, the challenge for builders in 2022 will be to deal with higher input costs while making sure home prices remain within reach for American home buyers."<h1>Builders take their concerns to Congress and the private sector offers help</h1>NAHB Chairman Chuck Fowke said that Congress can help get homes built faster. "Policymakers need to work on supply chain improvements and controlling costly <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword>," Fowke said. "Addressing lumber tariffs would be a good place to start."In 2021, NAHB CEO Jerry Howard and senior staff met with lawmakers from the Domestic Policy Council, National Economic Council, and the Office of the Vice President to discuss various concerns including, mill capacity issues, mill worker shortages, and housing affordability.While a resolution is yet to be made, Robert Dietz, NAHB's Chief Economist, says that policy makers will play a pivotal role in creating a solution. He added that "housing affordability fell to a decade-low during the third quarter of 2020, and as interest rates are expected to rise this year, housing affordability will be under additional pressure in 2022.""Inflation will be a top economic challenge for 2022 and 2023," Dietz told Insider. "While monetary policy will tighten, policymakers can also help fight inflationary pressures by improving supply-chains. Doing so will reduce costs, such as construction costs for new homes and apartments."In the meantime Home Depot plans to help builders get quicker and cheaper access to materials by investing as much as $1.2 billion in supply-chain facilities over the next five years."The professional contractors represents approximately 45% of our total sales," Home Depot told Insider. "Our pros sales growth outpaced our DIY customers in Q3 and pros continue to tell us that project demand is strong and their backlogs are robust and still growing."Backloags of unfinished building projects may be a good thing for Home Depot. Home builders and buyers, on the other hand, would prefer to have sufficient materials to get those projects completed quickly.Are you a homebuilder having trouble getting construction materials? Or a new homebuyer whose construction project is delayed? Reach out to this reporter at <a href="mailto:alloyd@insider.com" target="_blank" rel="noopener noreferrer">alloyd@insider.com</a> to share your story.

Home builders are desperate for quick and inexpensive materials, so they're turning to Home Depot and Congress for help

<ul><li>closerAt 7:45 am, the SGX Nifty was up 0.10%, indicating a tepid start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to begin on a flat note on Thursday, led by mixed cues from the global markets. The Indian markets ended at record highs on Wednesday, with Nifty inching to the 14,000 mark. At 7:45 am, the SGX Nifty was up 0.10%, indicating a tepid start for Nifty50. On Wednesday, the <a href="https://www.businessinsider.in/stock-market/news/us-stocks-end-higher-as-600-stimulus-checks-set-to-arrive-this-week/articleshow/80037170.cms">US stocks closed higher</a> as $600 stimulus checks were set to hit the bank accounts of millions of Americans later this week, according to Treasury Secretary Steven Mnuchin. The Dow Jones Industrial Average closed 0.24% higher, and the S&amp;P 500 was up 0.13%. These are the stocks to watch out for during the trading session today: Tata Motors, Maruti, M&amp;M, Hero Motocorp, Bajaj Auto and other auto stocks Tata Motors, Maruti, M&amp;M, Hero Motocorp, Bajaj Auto and other auto stocks will be in focus during trade today. The auto companies are slated to report their <a href="https://www.businessinsider.in/business/auto/news/heres-what-to-expect-from-maruti-mm-hero-bajaj-auto-and-other-automakers-in-december-month-2020-auto-sale/articleshow/80021695.cms">monthly sales</a> for December tomorrow . Tata Steel Tata Steel CEO TV Narendran in his outlook for 2021 <a href="https://www.business-standard.com/article/companies/despite-covid-19-pandemic-tata-steel-bullish-on-fy22-demand-in-india-120123100070_1.html">said</a> the company is optimistic about demand for steel in India. And, the steel demand is expected to grow proportional to or higher than the GDP growth in FY22. Vedanta Vedanta emerged as the highest bidder for Radhikapur west coal block in Odisha. The mine has total reserves of 312 million tonnes and an approved per annum extraction capacity of 6 million tonnes. Adani Green Energy Adani Green Energy said it had commissioned a 100 megawatt (MW) solar power project at Khirasara in Gujarat. V-Mart Retail V-Mart Retail informed investors that it had opened four new stores, three in the state of Uttar Pradesh, one in the state of Jharkhand, taking its total number of stores in the country to 274. Shriram Transport Finance Shriram Transport Finance has approved and allotted senior secured rated, listed redeemable non-convertible debentures (NCD) of the face value of ₹10 lakh each on a private placement basis. Dewan Housing Finance Corporation (DHFL) Kapil Wadhawan has yet again come up with a revised proposal for acquiring Dewan Housing Finance Corporation (DHFL). In a letter to RBI, DHFL administrator R Subramaniakumar and the Committee of Creditors (CoC), the erstwhile promoter of the bankrupt NBFC said that he would make an upfront payment of ₹9,000 crore in cash and ₹31,000 crore will be paid within a period of seven years in equal annual instalments with 8.5% per annum interest. Indian Bank Indian Bank said it had raised ₹392 crore through perpetual bonds. The bank has further raised tier 1 capital funds through a private placement of Basel III compliant AT-1 perpetual bonds aggregating to ₹392 crore, the public sector bank said in a regulatory filing. Fortis Healthcare The rating agency ICRA has upgraded the long-term rating for the line of credit of Fortis Healthcare’s subsidiaries — SRL Limited and SRL Diagnostics Private Limited. SEE ALSO: <a href="https://www.businessinsider.in/politics/world/news/mitch-mcconnell-says-the-senate-will-consider-trumps-demand-for-2000-stimulus-checks-but-rejects-initial-vote/articleshow/80017236.cms" data-type="tilCustomLink">Mitch McConnell says the Senate will consider Trump's demand for $2,000 stimulus checks but rejects initial vote</a> <a href="https://www.businessinsider.in/thelife/news/american-airlines-just-completed-the-boeing-737-maxs-first-passenger-flight-in-the-us-since-march-2019/articleshow/80016117.cms" data-type="tilCustomLink">American Airlines just completed the Boeing 737 Max's first passenger flight in the US since March 2019</a> <a href="https://www.businessinsider.in/india/news/new-strain-of-uk-covid-19-virus-is-a-lot-more-contagious-warns-indias-health-ministry/articleshow/80011618.cms" data-type="tilCustomLink"></a> <a href="https://www.businessinsider.in/india/news/new-strain-of-uk-covid-19-virus-is-a-lot-more-contagious-warns-indias-health-ministry/articleshow/80011618.cms" data-type="tilCustomLink">The new strain of COVID-19 is a lot more contagious, warns India's Health Ministry</a>

Top stocks to watch — Tata Steel, Vedanta, Adani Green, Tata Motors, Maruti, M&M, DHFL, V-Mart, Indian Bank, and others

<keyword id="46894" type="PERSON" weightage="100" keywordseo="Tata-Sons">Tata Sons</keyword> chairman N Chandrasekaran wants that fund managers should pick <keyword id="6355725" type="CITY" weightage="100" keywordseo="Tata-Group">Tata group</keyword> companies first before considering any other companies. For this, he has asked the CEOs of group companies to reduce their dependence on funding from the parent, strengthen their balance sheets, and build bigger projects. Chandrasekaran, who took over as the chairman of the conglomerate on February 21, believes that while lesser dependence on funding from parent company and stronger balance sheets will help fund managers take individual credit calls, bigger projects will lure more investors. These changes were mentioned at a meeting of group CEOs in early April, and were yet to come out to the world. As per TV Narendran, MD of <keyword id="6357147" type="CITY" weightage="100" keywordseo="Tata-Steel">Tata Steel</keyword> India, Chandrasekaran wants group companies to become leaders in their respective industries. "He wants that each Tata company should be part of the investment portfolio of investors.... Let's say Tata steel.... Tata steel should be the preferred stock for anybody investing in steel stocks. You have to be a relevant part of anyone investing in the sector," Narendran told <a href="http://economictimes.indiatimes.com/news/company/corporate-trends/tata-sons-chandrasekaran-wants-group-companies-to-become-top-stock-picks-for-fund-managers/articleshow/59448097.cms">ET</a>. Chandrasekaran wants leading group companies to follow the lead of <keyword id="6357585" type="CITY" weightage="100" keywordseo="Tata-Consultancy-Services">Tata Consultancy Services</keyword> (TCS) and become as popular among fund managers as it is. He also said that in order to get support from Tata Sons, companies will have to be 'deserving' enough, coming up with a better return on capital.

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Here's what Tata Steel India MD TV Narendran expects from the upcoming Union Budget

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Tata Steel’s net profit declines in Q1 on the back of rising raw material costs

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Home builders are desperate for quick and inexpensive materials, so they're turning to Home Depot and Congress for help

Alcynna Lloyd

Top stocks to watch — Tata Steel, Vedanta, Adani Green, Tata Motors, Maruti, M&M, DHFL, V-Mart, Indian Bank, and others

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Tata group companies should be top stock picks for fund managers, says N Chandrasekaran

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