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Various industry leaders have shared their positive reactions to the interim budget presented by Finance Minister Nirmala Sitharaman, emphasising its potential positive impact on the nation's economy.
Narendran, CEO and MD of Tata Steel, highlighted the multiplier effect that the increase in capital expenditure on infrastructure would have on the overall economy. He specifically mentioned the expansion of rural housing and the development of three economic railway corridors under the PM Gati Shakti Yojana, anticipating that these moves would boost steel demand, create jobs, and improve connectivity and logistics.
Falguni Nayar, Founder and CEO of Nykaa, praised the budget for its holistic approach, combining support for innovation, youth and women empowerment, and MSME growth. She sees it as setting a promising tone for India's economic future, emphasising resilience and inclusivity.
Rajesh Sinha, Senior Research Analyst at Bonanza Portfolio, focused on the potential for lower interest rates due to the reduced fiscal deficit target of 5% of GDP for FY25. He sees this as enhancing overall macroeconomic stability and considers the budget positive for public sector banks.
The Gem & Jewellery Export Promotion Council (GJEPC) welcomed the increased outlay of ₹11 lakh cr, suggesting that some funds should be allocated towards modern infrastructure like Jewellery Parks to boost gem & jewellery exports. They also emphasised the importance of government schemes for the Gems and Jewellery sector, particularly for MSMEs.
Yogesh Mudras, Managing Director of Informa Markets India, highlighted the transformative stride in the food sector post-budget, emphasising the direct financial assistance to farmers through PM-KISAN and crop insurance under PM Fasal Bima Yojana, showing a strong commitment to agriculture.
Mukund Kulkarni, CEO of Pepper Advantage India, anticipated benefits for the Fintech and BFSI sectors, emphasising the comprehensive development of physical, digital, and social infrastructure. He sees the promotion of Digital Public Infrastructure (DPI) as crucial for formalisation and financial inclusion.
Ashishkumar Chauhan, MD & CEO of the National Stock Exchange, appreciated the focus on capacity building through increased spending on both hard and soft infrastructure. He noted the positive aspects of the budget for various segments of society, including the poor, farmers, women, and youth. Fiscal consolidation remained a central theme, with the revised fiscal deficit for FY23-24 improving from the budget estimate by 10bps, and a commitment to a sub-5% target by FY25-26.
Industry leaders from diverse sectors expressed optimism about the budget, citing its potential positive impacts on economic growth, job creation, and sector-specific developments.
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