Budget Reaction from Mr. Anand Kr. Maloo, President- F&A

“I commend Finance Minister Nirmala Sitharaman on today’s budget, which prioritizes the steel industry’s growth with increased allocations, enhancing its competitiveness and driving economic growth. The removal of the 2.5% basic customs duty on the import of ferronickel for stainless steel and specialty alloys is a significant and positive step. Increased spending on infrastructure, affordable housing, and internship opportunities fosters innovation and entrepreneurship. The abolition of the Angel Tax and the increased Mudra loan limit to 20 lakhs will support small businesses. While the rise in LTCG could have been avoided, the budget demonstrates a commitment to building a resilient steel sector and driving economic growth. Overall, the budget is a forward-looking and growth-oriented initiative that will benefit India’s economy.”