HomeTrending TopicShyam Steel Industries Suggests Key Areas of Focus for Growth of Steel Industry in Interim Budget...

Shyam Steel Industries Suggests Key Areas of Focus for Growth of Steel Industry in Interim Budget 2024.

Director Lalit Beriwala Proposes Measures to Ease Disruptions and Propel Steel Industry’s Growth.

Shyam Steel Industries Ltd Director Lalit Beriwala has suggested a range of measures to bolster the growth of the steel industry ahead of the Interim Budget 2024, which will be unveiled by Finance Minister Nirmala Sitharaman on February 1. The proposals aim to ease disruptions and enhance the competitiveness of the steel industry, which contributes nearly 60% of the country’s steel production.

Key Areas of Focus
Beriwala’s suggestions include:

Strengthening Capex and Infrastructure: The government should prioritize capital expenditure (capex) to boost steel demand from the infrastructure sector, including real estate, automobile, petroleum and natural gas, housing, public health engineering, and other key sectors of the national economy.

Mitigating Coal Shortage and Enhancing Competitiveness: The government should implement a rational and industry-friendly policy framework to ensure seamless availability of coal to small and medium steel industries, along with iron ore linkage and assured availability of iron ore from the Odisha Mining Corporation Ltd. (OMC) at market price. This will reduce import-dependency and enhance cost competitiveness for domestic steel manufacturers.

Counteracting Steel Imports and Supporting Domestic Market: The government should incentivize domestic steel industries in the small and medium sectors to boost “Make in India” and contain a surge in imports that threatens the steel industry’s sustainability.

Formulation of Small and Medium Steel Sectors-Specific PLI Scheme: The government should formulate a special package on the existing model of PLI Scheme for small and medium sector steel industries, and bring medium sector steel manufacturers under a separate category. This will help them contribute to achieving the national target of 300 MT steel production by 2029-30.

Research and Development (R&D) Support: The government should allocate higher budgets for R&D activities focused on steel manufacturing technologies, innovations, and technological advancements to foster competitiveness and sustainability.

Increased Allocation for Infrastructure Development for Steel Manufacturing: The government should allocate higher budgets for infrastructure development in the steel manufacturing sector to encourage sustainable practices and stimulate increased private investments across sectors.

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

Bridging the Gap of the Digital Divide: The government should allocate more funds to the IT sector, focusing on cyber security, data protection, setting up of data centers, and digital inclusion of all segments of society. Financial support should also be provided to companies/organizations working for advanced cyber security architecture and technological upgradations.

Boosting Green Economy: The government should allocate more funds to boost the transition to green power, adoption of green technologies, and extend financial support to industries working towards fuel transition with green hydrogen power as one of the choices.

Catalyzing Technology in Infrastructure: The government should allocate more funds for the use of modern technology like robotics and AI in the infrastructure sector to achieve a higher degree of efficiency and precision in project preparation and implementation. Incentives should also be provided to those switching to new techniques of infrastructure building and making the best use of new age technologies.

Shyam Steel Industries’ suggestions for the Interim Budget 2024 aim to ease disruptions and enhance the competitiveness of the steel industry. The proposals cover a range of areas, including infrastructure development, coal shortage, steel imports, R&D support, and green economy, among others. The implementation of these measures could help propel the growth of the steel industry and contribute to achieving the national target of 300 MT steel production by 2029-30.

Amit Kumar
Amit Kumarhttps://trendworldnews.com/
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