New Budget to Strengthen Small and Medium Industries, Aiming at Job Growth

The Budget includes various initiatives to financially empower small and medium-scale industries, which play a crucial role in generating employment, Union Minister H D Kumaraswamy said on Wednesday. In her Budget speech on Tuesday, Finance Minister Nirmala Sitharaman announced a slew of measures for sectors, including infrastructure, manufacturing, healthcare, education, startups, and green energy, among others.

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This Budget envisages sustained efforts and ample opportunities for all. It includes initiatives to financially empower small and medium-scale industries, which play a crucial role in generating employment. It is a visionary and far-reaching Budget, the Minister for Steel said in a statement.

Focus on Infrastructure Development

Meanwhile, Vibhor Steel Tubes CMD Vijay Kaushik said the government has given a major boost to infrastructure development in the Budget and increased the outlay by 11.1 per cent to Rs 11.11 lakh crore, which would lead to enhanced demand for various sectors, including cement, steel, power, etc.

Sumit Jhunjhunwala, Assistant Vice President & Sector Head - Corporate Ratings at ICRA, noted that the increased cumulative allocation to flagship schemes like the Pradhan Mantri Awas Yojana and the sustained strong funding for the Jal Jeevan Mission are favourable for long steel and pipe manufacturers.

Boost for Defence Sector

M C Garg, CMD of special steel maker Goodluck India said, "The substantial increase in defence capital outlay to Rs 1.72 lakh crore is a major boost for the Indian steel industry."

In the Budget, nine priority areas have been identified with Rs 1.48 lakh crore allocated for education, employment, and skills development. The goal is to create 4 crore jobs, ensuring better utilisation of human resources, Kumaraswamy, who also holds the portfolio of Union Minister for Heavy Industries, said.

The Budget aims to provide ample opportunities across various sectors. It includes measures to support infrastructure development and enhance demand in related industries. The increased funding for flagship schemes will benefit long steel and pipe manufacturers significantly.

The focus on defence spending is expected to positively impact the steel industry. The overall allocation aims to create jobs and improve human resource utilisation through targeted investments in education and skills development.