Schemes such as allocation of INR 11.21 lakh crore for infrastructure, Maritime Development Fund, Urban Challenge Fund and National Manufacturing Mission will attract fresh investments in the steel sector, create significant employment opportunities and improve global competitiveness.

Feb 12, 2025

The steel industry, which plays a crucial role in the development of the country, is set to benefit from the various policies and incentives announced in the Union Budget 2025, presented by Finance Minister Nirmala Sitharaman on February 1, 2025.

Schemes such as allocation of INR 11.21 lakh crore for infrastructure, Maritime Development Fund (MDF) of INR 25,000 crore, Urban Challenge Fund worth INR 1 lakh crore, capital expenditure of INR 1.5 lakh crore to state governments, Asset Monetization Plan (2025-30) worth INR 10 lakh crore, National Manufacturing Mission worth INR 100 crore, incentives for Manufacturing Mission & Clean Tech, as well as BharatTradeNet (BTN), would attract fresh investments in the sector, create significant employment opportunities and improve global competitiveness.

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India, the world’s second-largest producer of crude steel, registering an output of 143.6 million tonnes of crude steel and 138.5 million tonnes of finished steel in FY24, is looking forward to a great 2025, owing to the government initiatives, as well as the increasing demand for steel in different sectors, including construction, defence, marine, infrastructure, shipbuilding and railways, among others.