The Indian Steel Association (ISA) highlighted the increased funding for research and development (R&D), alongside support for startups and MSMEs, as key drivers for advancing steel manufacturing technologies.
The Budget earmarked approximately Rs 11.11 lakh crore (about USD 133 billion) for national infrastructure projects, which is expected to significantly boost the steel sector by creating millions of jobs and enhancing infrastructure. This includes a strong emphasis on developing roads, railways, ports, and urban infrastructure, which will increase demand for steel products.
Naveen Jindal, Chairman of Jindal Steel and Power Ltd, commended the government's initiatives for their potential to support economic growth and industry development. T.V. Narendran, CEO and Managing Director of Tata Steel noted that the budgetary provisions would lead to increased demand for steel, particularly with significant investments in housing and water supply projects.
Atul Bhatt, CMD of RINL, emphasized that the new provisions for Andhra Pradesh’s development, including projects like the Polavaram project and industrial nodes, are expected to boost regional steel consumption. Dilip Oommen, CEO of ArcelorMittal Nippon Steel India, expressed concerns over predatory steel imports and underscored the need for government intervention to protect domestic producers.
SAIL Chairman Amarendu Prakash pointed out that the enhanced infrastructure connectivity initiatives would create a multiplier effect across various sectors, bolstering the steel industry. Meanwhile, Kamdhenu Group CMD Satish Kumar Agarwal highlighted the allocation of Rs 10 lakh crore (approximately USD 120 billion) for housing projects which is expected to further drive demand in the steel sector.
Comments
No comment yet.