The 2024 budget has garnered positive reactions from key industry leaders, Amarendu Prakash, Chairman of Steel Authority of India Limited (SAIL). Reflecting on the government's strategic financial allocations, Chairman Prakash lauded the decision to maintain robust capital expenditure (capex) for infrastructure development, consistent with the interim budget.
Prakash emphasized that the government's commitment to enhancing urban housing, rural infrastructure, and road connectivity, along with developing various economic corridors, is expected to significantly boost domestic steel consumption. He highlighted that these initiatives would create a ripple effect, benefiting multiple sectors and contributing to the nation’s overall economic prosperity.
The SAIL Chairman underscored that the focus on building resilient infrastructure aligns with the steel industry’s growth trajectory, ensuring sustained demand for steel products. This, according to Prakash, will not only drive steel consumption but also create a multiplier effect across various sectors, thereby reinforcing the country's economic framework.
Industry stakeholders have echoed Prakash’s sentiments, acknowledging that the budget's infrastructure thrust is pivotal for economic recovery and growth. Analysts predict that the emphasis on infrastructure will generate employment, stimulate investment, and catalyze advancements in allied industries.
The budget's strategic allocations underscore the government's commitment to long-term economic resilience and development, fostering a conducive environment for industrial growth and innovation.
As the country navigates its path to economic recovery, the steel industry, buoyed by the government’s policies, is set to play a critical role in shaping India’s future infrastructure landscape.
