Increased capex to boost domestic steel demand, generate employment: Steel industry

The increased capex allocation of Rs 10 lakh crore announced in the Union Budget will lead to pick up in demand for steel and generate employment in the country, steel industry said on Wednesday. Finance minister Nirmala Sitharaman tabled the Union Budget for 2023-24 in Parliament.

"A significant 33 per cent increase in capital expenditure to Rs 10 lakh crore -- 3.3 per cent of the GDP -- thrust to fast-track infrastructure development, and the highest ever Rs 2.40 lakh crore for railways will translate into robust domestic steel demand, thus spurring private investments and job creations," said Dilip Oommen, CEO of AMNS India and Executive Vice President of ArcelorMittal.

First- and last-mile connectivity for sectors like steel, ports, coal, etc. with an investment of Rs 75,000 crore will improve logistics efficiency, he said.