Bhubaneswar : The president of Indian Steel Association and the CEO AM/NS India, Dilip Oommen, said that the his interim budget focuses on fiscal prudence and presents a well-balanced approach.

Giving his reaction on the Budget, 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.”