“We welcome the Union Budget 2023-24, it’s truly a blueprint for India at 100, as the Honb’le FM stated. The Indian economy has emerged 5th largest in the world, and a progressive Budget was much required to fuel India’s potential. The government has taken a strong decisive stand to incentivize manufacturing industries to decarbonize by investing 20K crore in the Green Hydrogen Mission, while also galvanizing 35K crore outlay towards setting up appropriate infrastructure with priority capital investment. This a clear indication that the government has continued to be resolute in its aim of achieving energy transitions and create a circular economy, which meet our Net Zero carbon emission targets. Even the Green credit program to encourage behavioural change by incentivising companies and individuals is the need of the hour.”
“Speaking specifically for the stainless-steel industry, we are grateful that the Hon’ble Finance Minister has continued the exemption on ferrous scrap and stainless steel scrap. This is a saving grace for industries like ours where input materials are domestically not available/ inadequate, and who still have to compete with duty free imports of subsidized finished goods in the market.
The unfair dumping practices of our neighboring Asian economies has not been addressed in the budget, but we are hopeful that remedial measures will be taken after due government proceedings.
On the domestic front, the capex of 10 lakh crore and the capital outlay of 2 Lakh crores put up for the modernisation and expansion of the Indian Railways is the highest ever outlay. With the strategic partnership between JSL and the Indian Railways, we forecast a significant increase in the demand for critical stainless steel components in the fiscal year. 50 additional airports, helipads, water aero drones, and advanced landing grounds etc will aid easier access and enhanced construction activity. Improving the ease of doing business – over 39k compliances have been reduced, and over 3k legal provisions have been decriminalized, paving the way for more trust-based governments. Efforts for overall knowledge and skill enhancement of youth will go a long way in ensuring informed citizens and skilled workforce. Measures announced to uplift agriculture sector, by creating massive decentralized storage facilities, is sure to intensify consumption of stainless steel in the food and food processing industry.”
“I am happy to see the focus brought in by this Government in AI. The Budget proposed setting up of Centres of excellence for AI in collaboration with top educational institutes, and with industry partnership. With its focus areas being agriculture, health and sustainable cities, I’m hopeful that the country will witness a new wave of technological advancement in the next couple of years.”
“The government’s initiative to modernize the country’s urban sewage systems entails a public policy that works for the welfare of the common man. We appreciate this enhanced focus on the scientific management of dry and wet waste. Renewed focus on vehicle scrapping should also help augment the domestic supply of scrap material. It was heartening to see mention of coastal shipping promotion through PPP mode, which is expected to bring down costs of transportation.”
All in all, I am confident that all the upcoming projects offer ample opportunity for manifold applications for the stainless steel industry to contribute towards building India’s brighter tomorrow.”
