INTERIM BUDGET FOCUSES ON FISCAL PRUDENCE: PRESIDENT OF INDIAN STEEL ASSOCIATION AND CEO OF AM/NS INDIA.

Bhubaneswar (01/02/2024): The interim budget presented in Parliament today by Union Finance Minister Nirmala Sitharaman focuses on fiscal prudence and presents a well-balanced approach, said Dilip Oommen, President of Indian Steel Association and CEO of AM/NS India. Oommen said, "This is a good indicator of what will come in the Budget in July.

There is an 11.1 % increase in capital expenditure for infrastructure, taking the total outlay to Rs 11.1 lakh crore.

However, if we look at the likely spending in FY24, it will be about Rs 9.5 lakh crore.

So, essentially, the increase will be about 17% in real terms.

This should translate into robust domestic steel demand, spurring private investments and job creation." The emphasis on building all forms of infrastructure – digital, social, and physical – at an unprecedented pace is promising.

Fiscal deficit target for FY 24-25 at 5.1% and continuous fiscal prudence are indeed laudable, he added .