Union Budget 2024-25 Reaction – Dilip Oommen, CEO, ArcelorMittal Nippon Steel India (AM/NS India)
“Maintaining fiscal prudence with the fiscal deficit reduced to 4.9% is commendable. There has been an emphasis on employment generation, agriculture, MSMEs, skill development, and sustainability in the Budget. The commitment to spend Rs 11.11 trillion in infrastructure for the financial year 2024-25 is a significant step towards robust economic growth, which will, in turn, boost steel consumption and propel the sector forward. We applaud the government’s proactive measures to remove the Basic Customs Duty (BCD) on ferro nickel and blister copper, and continue with nil BCD on ferrous scrap and nickel cathode, apart from concessional BCD of 2.5 per cent on copper scrap. The continued focus on accelerating the energy transition is also highly commendable. However, we remain hopeful that the government will take decisive actions to curb steel imports at predatory prices, which is a serious and immediate concern.”