The stainless steel industry has hailed the Union Budget 2025-26, saying the focus on infrastructure, manufacturing, and sustainability will push the sector’s growth.

Union Finance Minister Nirmala Sitharaman presented the record eighth straight Union Budget in the Lok Sabha on Saturday.

“The industry lauds the Union Budget 2025-26 for its robust focus on infrastructure, manufacturing, and sustainability, crucial for the stainless steel industry’s growth,” apex industry body Indian Stainless Steel Development Association (ISSDA) said in a statement.

The Budget offers a balanced roadmap for long-term growth in the stainless steel industry.

The focus on infrastructure, manufacturing, and sustainability will elevate the sector’s economic contribution and reinforce India’s position as a global leader in stainless steel production and innovation, the association said.

Jindal Stainless Managing Director Abhyuday Jindal said, “Infrastructure remains central to India’s growth, and the Budget sustains this momentum with a 10.08 per cent hike in capex to ` 11.21 Lakh Crore and `1.5 Lakh Crore earmarked for state capital expenditure. The `10 Lakh Crore Asset Monetisation Plan (2025-30) will unlock funds for new projects, while increased public-private partnerships will drive private investment in transport, urban development, and energy”.

The digital skilling initiative aimed at equipping youth with Industry 4.0 technologies has the potential to revolutionise both manufacturing and services.

In the stainless steel industry, where automation and advanced manufacturing are on the rise, these efforts will ensure a workforce capable of navigating rapid change and expansion, Jindal said.

The newly introduced credit cards for micro-enterprises and the growth of Funds of Funds for startups will encourage entrepreneurship and innovation across sectors.

MSMEs are an integral part of the stainless steel industry and its supply chain. The new measures will help in capacity expansion and create more employment opportunities, Jindal said.

Synergy Steels Managing Director Anubhav Kathuria said some of the measures in the Budget may contribute to enhancing raw-material security and cost competitiveness for the stainless-steel industry in the medium term.

The focus on strengthening the shipbreaking ecosystem in India would increase the availability of scrap, Kathuria said.