India’s Finance Minister M Nirmala Sitharaman has unveiled a bigger INR 39.45 lakh crore Budget, with higher spending on highways to affordable housing with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. Indian Steel Association President & AM/NS India CEO Mr Dilip Oommen said “It is a visionary budget that lays a blueprint for ‘Amrit Kaal’, supported by PM Gati Shakti Mission with multi-modal approach to boost transport & logistics. A significant increase of 35.4% in capital expenditure to Rs 7.50 lakh crore will also have a multiplier effect and provide impetus to drive growth, thus helping in steel demand creation. Increase in the domestic capital procurement budget for the Armed Forces’ equipment is yet another right step towards realising the Atmanirbhar Bharat mission. Focus on sustainability that emphasizes on socio-economic development along with the circular economy is a positive move.”Steel Authority of India Limited’s Chairperson Ms Soma Mondal said “ “The union budget for Financial Year 2022-23 holds promise for faster economic development putting the Indian economy on a still higher trajectory of growth. The budget envisages higher Public investment and capital spending by the Government. There is a direct focus on intensifying the infrastructure developmental activities through the PM Gati Shakti Programme with seven engines of growth, focus on Highways network, PM Awas Yojna in rural and urban areas, Har Ghar Nal Se Jal scheme, etc. The additional focus on the MSME sector will also trigger enhanced economic activities. These efforts are sure to have a positive impact on the overall economy and it augurs well for the steel sector.”Tata Steel CEO & MD's Mr TV Narendran said "It is heartening to note the government's sustained focus on infrastructure and increased public spending while staying committed to the fiscal discipline and stable policy regime. We welcome Budget 2022-23 and look forward to concerted implementation of the proposed reforms to ensure the benefits percolate across the economy. The increased allocation to infrastructure spends will certainly have a multiplier effect on the economy, generating employment opportunities across the country and creating demand across product categories, including steel.”Budget 2022-23 Snap Shot for Indian Steel SectorIndia’s Finance Minister announced in Budget 2022-23 that customs duty exemption given to steel scrap last year is being extended for another year and certain Anti- dumping and CVD on stainless steel and coated steel flat products, bars of alloy steel and high-speed steel are being revoked in larger public interest considering prevailing high prices of metals.1. Exemption hitherto available till 31.3.2022 is being extended up to 31.03.2023 for imports of iron and steel scrap, including stainless steel scrap2. Anti-Dumping duty is being permanently revoked on imports of Straight Length Bars and Rods of alloy-steel, originating in or exported from People's Republic of China imposed vide notification No 54/2018-Cus (ADD) dated 18.10.20183. Anti-Dumping duty is being permanently revoked on imports of High Speed Steel of Non-Cobalt Grade, originating in or exported from Brazil. People's Republic of China and Germany, imposed vide notification No 38/2019-Cus (ADD) dated 25 09 20194. Anti-Dumping duty is being permanently revoked on imports of Flat rolled product of steel, plated or coated with alloy of Aluminum or Zinc, originating in or exported from People's Republic of China. Vietnam and Korea imposed vide notification No 16 2020-Cus (ADD) dated 23.06.20205. Countervailing duty is being permanently revoked on imports of Certain Hot Rolled and Cold Rolled Stainless Steel Flat Products, originating in or exported from People's Republic of China, imposed vide notification No 1/2017-Cus (CVD) dated 07.09.2017Budget 2022-23 Snap Shot for InfrastructureThe government has enhanced the outlay for capital expenditure sharply by 35.4% from INR 5.54 lakh crore in the current year to INR 7.5 lakh crore in 2022-23. This is also an increase of more than 2.2 times the expenditure of 2019-20 and the outlay 2022-23 will be 2.9% of GDP. PM Gati Shakti is driven by 7 engines: roads, railways, airports, ports, mass transport, waterways & logistics infra.The National Highway network will be expanded by 25,000 kms in 2022-232,000 km of rail network to be brought under the indigenous world-class technology KAWACH, for safety and capacity augmentation & 400 Vande Bharat trains with better efficiency to be brought in during the next 3 yearsINR 20000Cr to boost Transport InfraImplementation of Ken Betwa Linking project to be under taken100 PM Gati Shakti Cargo terminals to be developed during next 3 years
India’s Finance Minister M Nirmala Sitharaman has unveiled a bigger INR 39.45 lakh crore Budget, with higher spending on highways to affordable housing with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. Indian Steel Association President & AM/NS India CEO Mr Dilip Oommen said “It is a visionary budget that lays a blueprint for ‘Amrit Kaal’, supported by PM Gati Shakti Mission with multi-modal approach to boost transport & logistics. A significant increase of 35.4% in capital expenditure to Rs 7.50 lakh crore will also have a multiplier effect and provide impetus to drive growth, thus helping in steel demand creation. Increase in the domestic capital procurement budget for the Armed Forces’ equipment is yet another right step towards realising the Atmanirbhar Bharat mission. Focus on sustainability that emphasizes on socio-economic development along with the circular economy is a positive move.”Steel Authority of India Limited’s Chairperson Ms Soma Mondal said “ “The union budget for Financial Year 2022-23 holds promise for faster economic development putting the Indian economy on a still higher trajectory of growth. The budget envisages higher Public investment and capital spending by the Government. There is a direct focus on intensifying the infrastructure developmental activities through the PM Gati Shakti Programme with seven engines of growth, focus on Highways network, PM Awas Yojna in rural and urban areas, Har Ghar Nal Se Jal scheme, etc. The additional focus on the MSME sector will also trigger enhanced economic activities. These efforts are sure to have a positive impact on the overall economy and it augurs well for the steel sector.”Tata Steel CEO & MD's Mr TV Narendran said "It is heartening to note the government's sustained focus on infrastructure and increased public spending while staying committed to the fiscal discipline and stable policy regime. We welcome Budget 2022-23 and look forward to concerted implementation of the proposed reforms to ensure the benefits percolate across the economy. The increased allocation to infrastructure spends will certainly have a multiplier effect on the economy, generating employment opportunities across the country and creating demand across product categories, including steel.”Budget 2022-23 Snap Shot for Indian Steel SectorIndia’s Finance Minister announced in Budget 2022-23 that customs duty exemption given to steel scrap last year is being extended for another year and certain Anti- dumping and CVD on stainless steel and coated steel flat products, bars of alloy steel and high-speed steel are being revoked in larger public interest considering prevailing high prices of metals.1. Exemption hitherto available till 31.3.2022 is being extended up to 31.03.2023 for imports of iron and steel scrap, including stainless steel scrap2. Anti-Dumping duty is being permanently revoked on imports of Straight Length Bars and Rods of alloy-steel, originating in or exported from People's Republic of China imposed vide notification No 54/2018-Cus (ADD) dated 18.10.20183. Anti-Dumping duty is being permanently revoked on imports of High Speed Steel of Non-Cobalt Grade, originating in or exported from Brazil. People's Republic of China and Germany, imposed vide notification No 38/2019-Cus (ADD) dated 25 09 20194. Anti-Dumping duty is being permanently revoked on imports of Flat rolled product of steel, plated or coated with alloy of Aluminum or Zinc, originating in or exported from People's Republic of China. Vietnam and Korea imposed vide notification No 16 2020-Cus (ADD) dated 23.06.20205. Countervailing duty is being permanently revoked on imports of Certain Hot Rolled and Cold Rolled Stainless Steel Flat Products, originating in or exported from People's Republic of China, imposed vide notification No 1/2017-Cus (CVD) dated 07.09.2017Budget 2022-23 Snap Shot for InfrastructureThe government has enhanced the outlay for capital expenditure sharply by 35.4% from INR 5.54 lakh crore in the current year to INR 7.5 lakh crore in 2022-23. This is also an increase of more than 2.2 times the expenditure of 2019-20 and the outlay 2022-23 will be 2.9% of GDP. PM Gati Shakti is driven by 7 engines: roads, railways, airports, ports, mass transport, waterways & logistics infra.The National Highway network will be expanded by 25,000 kms in 2022-232,000 km of rail network to be brought under the indigenous world-class technology KAWACH, for safety and capacity augmentation & 400 Vande Bharat trains with better efficiency to be brought in during the next 3 yearsINR 20000Cr to boost Transport InfraImplementation of Ken Betwa Linking project to be under taken100 PM Gati Shakti Cargo terminals to be developed during next 3 years
