New Delhi: The apex industry association stated on Wednesday that the boost in R&D funding in the Budget and assistance provided to startups and MSMEs will drive innovation in steel manufacturing.
Additionally, the Indian Steel Association (ISA) stated that the allocation of Rs 11.11 lakh crore will improve national infrastructure, generate numerous job opportunities, and have a positive impact on the steel industry.
During her Budget speech on Tuesday, Finance Minister Nirmala Sitharaman unveiled several initiatives for various sectors such as infrastructure, manufacturing, healthcare, education, startups, and green energy, among others. The Budget's focus on roads, railways, ports, and urban development will create jobs and boost productivity. The ISA stated that increased funding for R&D and support for startups and MSMEs will encourage innovation in steel manufacturing.
Naveen Jindal, Chairman of Jindal Steel and Power Ltd (JSPL), stated that the measures targeting these 9 key principles demonstrate financial responsibility and offer the potential for holistic growth in our nation. Our government, under the guidance of PM Narendra Modi, has once again established a solid base for a wealthier India! .T V Narendran, CEO & MD of Tata Steel, mentioned that steel will experience a rise in demand due to increased budget allocation for housing and water supply, as an essential part of infrastructure development.
The Budget contains crucial measures for the advancement of Andhra Pradesh's upcoming capital, the Polavaram project, industrial hubs, and the underdeveloped areas of AP. These efforts are anticipated to increase steel usage in the area and stimulate regional grown. Satish Kumar Agarwal, the CMD of Kamdhenu Group, stated that the Rs 10 lakh crore allocated for building 1 crore houses for urban poor, along with the introduction of variable gap funding for rental housing for industrial workers in PPP mode, will greatly enhance the housing sector
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