New Delhi, Feb 3 (KNN) Steel industry leaders have hailed the Union Budget 2026–27 saying that proposals contained in it are expected to strengthen steel demand and support domestic manufacturing, particularly among MSMEs.
Naveen Jindal, President, Indian Steel Association (ISA), talking to PTI said, “A 22.2 per cent effective increase in capital expenditure, focus on freight corridors and inland waterways, and the Rs 10,000-crore container manufacturing scheme are expected to strengthen infrastructure activity, improve trade logistics and support steel demand.”
Rajamani Krishnamurti, President, Indian Stainless Steel Development Association (ISSDA), said that the support for MSMEs is a significant step, given that a large share of India’s stainless steel capacity is in this segment. The measures will enable smaller units to upgrade technology, enhance quality, and compete more effectively against substandard imports.
Abhyuday Jindal, Managing Director, Jindal Stainless, stated that MSMEs are the backbone of manufacturing, and initiatives like the SME Growth Fund, Self-Reliant India Fund top-up, and simplified compliance norms will bolster the entire value chain.
The Budget allocates Rs 20,000 crore for Carbon Capture, Utilisation and Storage (CCUS), enabling steel firms to reduce emissions and align with India’s net-zero 2070 target.
Harsh Bansal, Managing Director, BMW Industries, stated that CCUS will enable steel companies to capture and reuse carbon emissions, reduce environmental impact, and support global climate commitments, including India’s net-zero target by 2070.
(KNN Bureau)
