Budget To Drive Economic Growth, Have Impact Across Sectors; Say Steel Majors

The budget is expected to drive economic growth, and uplift people supporting key sectors such as steel, infrastructure, railways, and renewable energy, steel majors said. Finance Minister Nirmala Sitharaman presented her sixth Budget on Thursday in which she announced a Rs 11.11 lakh crore spending on infrastructure among other proposals for sectors like solar and startups.

"The Union Budget has proposed several forward-looking initiatives that align with our national goals and are likely to drive economic growth, upliftment of the people, and support key sectors such as steel, infrastructure, railways, and renewable energy," Naveen Jindal, Chairman of Jindal Steel and Power Ltd (JSPL) said. The addition of new rail corridors for energy, cement, and minerals is likely to enhance connectivity and boost the Indian economy, he said. Dilip Oommen, CEO of AMNS India said the interim budget focuses on fiscal prudence and presents a well-balanced approach.

This is a good indicator of what will come in the budget in July, post general elections. There is an 11.1 per cent increase in capital expenditure for infrastructure, taking the total outlay to Rs 11.1 lakh crore. This should translate into robust domestic steel demand, spurring private investments and job creation, he said. Tata Steel CEO and MD TV Narendran said the financial support envisaged to promote research and innovation is an encouraging initiative which will help nurture aspirations of the youth.

The budget also has provisions for a Rs 1 lakh crore corpus for research and development. Reacting to Union Budget 2024-2025, Atul Bhatt, CMD of Visakhapatham based-RINL said focus on infrastructure development will indeed give a much needed fillip to the Indian steel sector. The enhanced capex outlay for infra, two crore houses under PM Awas Yojana, railway corridor, new airports will enhance the capacity utilisation of the industry.

(PTI)