Indian steel industry receives boost with $134 million allocation in government budget

Dilip Oommen, President of the Indian Steel Association, anticipates that this decision will drive a surge in domestic steel demand, fostering private investment and job creation. Jindal Steel, a prominent player in the Indian steel industry, expressed its commitment to playing a pivotal role in the country's development. Tata Steel CEO T.V. Narendran hailed the move as positive, foreseeing a multiplier effect on the nation's overall economy.

The Indian government aims to reduce the budget deficit to 5.1% of GDP in the fiscal year 2024/2025, with the revised deficit for the current fiscal year standing at 5.8%.

In 2023, India achieved an 11.8% year-on-year increase in steel production, reaching 140.2 million tons. The country holds the second position in the list of top ten steel-producing nations, according to World Steel.