Budget 2024: Steel makers expect focus on infra spend, import-checking measures

As the day nears when the interim union budget will be presented stakeholders across sectors are closely monitoring the announcements and policy changes that could be impactedThe Budget Session will commence with the address of President Droupadi Murmu on January 31 and subject to the exigencies of government business the session may conclude on February 9 Union Finance Minister Nirmala Sitharaman will present the interim Union Budget on February 1Steel industries have played crucial role in Indian economics Ahead of the Union Budget 2024 steel makers in the country have put forth their expectations The steel makers expect continued focus on the infrastructure spending push to domestic manufacturing and measures to check rising imports in the upcoming 202425 Union BudgetIn the 202324 Budget Union Finance Minister Nirmala Sitharaman announced a capex of Rs 10 lakh crore for infrastructure developmentThe government should continue the focus on increasing the spend on infrastructure It should also work on further improving the cost of doing business and the ease of doing business Tata Steel CEO amp MD T V Narendran told PTIThe industry also expects the government to take some measures to check rising imports as dumping of steel in India can hurt the profitability of players and the investment plans of the steel industry he saidDilip Oommen CEO ArcelorMittal Nippon Steel India said the industry expects the Budget to reflect the governments continued dedication to economic growthWe urge a stronger focus on fair trade policies such as antidumping measures raw material security infrastructure investment competitive financial ecosystem RampD incentives export promotion skill development and environmental sustainability Oommen saidRationalising the taxation on key inputs like natural gas coking coal electricity and iron ore can help the Indian steel industry to be more sustainableFurther push to domestic manufacturing will not only provide a clear advantage to attract investment and create jobs but also make India globally competitive in the long run to emerge as a viable alternative to China he saidFor the stainless steel industry Anubhav Kathuria Director of Synergy Steels said at present certain critical raw materials are not easily available in the country and duties on their imports add to the cost of production PTI reportedA feasible reduction in the import duty of 25 per cent on ferro nickel 75 per cent on graphite electrodes and 5 per cent on molybdenum concentrate and ferro molybdenum can be considered in the Budget Kathuria said while speaking with PTIThe move will help enhance the costcompetitiveness of the domestic industrys finished products ensuring raw material security is a key priority for the stainless steel sector he saidWith PTI Inputs