Vishakhapatnam: RINL chairman and managing director (CMD) Atul Bhatt has termed the Union Budget 2024–2025 as positive for the future of Indian steel industry.
In a statement, Bhatt highlighted the key elements of the budget that are expected to propel the Indian steel industry forward. These include substantial capital expenditure (Capex) outlay of ₹11.11 lakh crore, initiatives like PM Awas Yojana, which aims to construct two crore houses, and the railway corridor programme under the PM Gati Shakti.
The CMD underlined the significance of comprehensive development plans for new airports under the UDAN scheme. According to him, these initiatives are poised to boost the capacity utilisation of the domestic steel industry.
"Such measures are a much-needed fillip for the steel Industry. The commitment to building two crore houses and development of railway corridors and airports will significantly contribute to the growth of the steel sector," he remarked.
Expressing confidence in the industry's readiness to meet the increased steel demand, Atul Bhatt highlighted RINL’s strategic move of starting the 3rd blast furnace Annapurna in December 2023. He asserted that RINL is well-positioned to cater to the rising demand for steel and play a pivotal role in supporting the infrastructure development envisioned by the government.
