May 26, 2024 18:03 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Payal Kapadia's Indian film All We Imagine As Light wins Grand Prix Award at Cannes | 'Was told to take the blame': Pune Porsche teen's grandfather told driver to take responsibility for crash | 24 killed in gaming zone fire in Gujarat’s Rajkot; PM Modi expresses grief | INDIA bloc performing mujra for vote bank, says Prime Minister Narendra Modi launching a scathing attack on opposition parties | West Bengal, Odisha brace for impact of Cyclone Remal, check the latest update on landfall time
Budget 2024: Shyam Steel suggests areas of principal focus for growth of steel industry
Photo Courtesy: Pixabay

Budget 2024: Shyam Steel suggests areas of principal focus for growth of steel industry

| @indiablooms | 31 Jan 2024, 01:01 am

Mumbai: Ahead of the unveiling of the Interim Budget 2024 by Finance Minister Nirmala Sitharaman on February 1, Shyam Steel Industries Ltd Director Lalit Beriwala made a string of suggestions to ease disruptions and propel the steel industry’s growth.

1. Strengthening Capex and Infrastructure:  Centrality of the government-led capital expenditure (capex) in bolstering steel demand from the infrastructure sector covering, inter alia, Real Estate, Automobile, Petroleum & Natural Gas, Housing, Public Health Engineering, and other key sectors of the national economy.

2Mitigating Coal Shortage and Enhancing Competitiveness:  Rational and industry-friendly policy framework for seamless availability of coal to the small and medium steel industries besides iron ore linkage, assured availability of iron ore from the  Odisha Mining Corporation Ltd. (OMC) for them with special arrangements for those steel industries located in the non-iron-ore bearing states like West Bengal, at market price, which will give significant boost to the steel industries contributing nearly 60% of the country’s steel production and pace up accelerated and even growth of the steel industry as whole, reducing import-dependency towards enhancing cost competitiveness for domestic steel manufacturers.

3. Counteracting Steel Imports and Supporting Domestic Market:  Incentivisation of domestic steel industries in the small and medium sectors towards boosting “Make in India” a complete success, containing a surge in imports that threatens the steel industry’s sustainability and redirecting global steel trade flows towards India's growing market.

4. Formulation of Small and medium steel sectors- specific PLI Scheme on the model of existing PLI Scheme:   Formulation of Special Package on the existing model of PLI Scheme for small and medium sector steel industries and bringing the medium sector steel manufacturers having the yearly turnover between Rs.200 crore and Rs. 10,000 crores under as a separate category towards helping them contribute to achieving the national target of 300 MT steel production by 2029-30. Provisions for Income Tax benefits for new industries set up till 2025 may also be made for one year more. Furthermore, Wagon Investment Scheme (WIS) for steel Industries for seamless availability of rakes for transportation of iron ore, coal, and other necessary minerals etc.  for steel industries should be in place.

5. Research and Development (R&D) Support:  Higher budgetary allocation for R&D activities focused on steel manufacturing technologies, innovations and technological advancements by way of incentivising investments in the areas fostering competitiveness and sustainability.

6. Increased allocation for Infrastructure Development for Steel Manufacturing, ensuring long-term Policy stability and encouraging sustainable practice:  Higher allocation in these segments besides spurring rapid economic growth, opening new avenues for employment opportunities and scope for India’s heightened penetration in the global competitive steel market will stimulate increased private investments across sectors.

7. Diversification to the Infrastructure Industry: Diversification of the infrastructure sector with increased allocation in the housing, clean water supply, urban sanitation, building tourism corridors, strengthening rail and air connectivity in the hilly terrains with a special focus on the northeastern region, and inland water transport network expansion with multimodal connectivity facilities for even economic growth.

8. Bridging the gap of the digital divide: Increased allocation in the IT sector focusing on Cyber Security, Data Protection, setting up of Data Centre, and digital inclusion of all segments of society besides providing financial support to Companies /Organisations working for advanced Cyber Security architecture and technological upgradations.

9. Boosting Green economy: Increased Budgetary allocation for boosting the transition to green power, adoption of green technologies, and extending financial support to the industries working towards fuel transition with green hydrogen power as one of the choices in tune with the declared policy of the Government for achieving the target of green transition in a phased manner.

10.Catalysing Technology in infrastructure: Increased allocation for the use of modern technology like robotics and  AI etc. in the infrastructure sector for achieving higher degree of efficiency and precision in project preparation and implementation by way of skillful use of new-age technologies towards rapid infrastructural growth and making provision for incentivizing those switching to the new techniques of infrastructure building and making best use of new age technologies in tune with the declared policy of the Government.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.