Budget 2024: Continue focus on infra, keep an eye on unfair steel imports: Tata Steel MD

Budget 2024: Finance Minister Nirmala Sitharaman will present the interim Budget 2024 on February 1.

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26 Aug, 2025 12:21

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Tata Steel Managing Director and Chief Executive Officer TV Narendran expectations from the upcoming interim budget as told to Rachita Prasad, Editor, Energy and Infrastructure, Moneycontrol. 

The biggest help from the budget would be continued focus on building infrastructure, as has been happening for the last few years. Not only does it aid the demand for steel, it helps bring down the cost of doing business outside our factory gates, because we spend a lot of money moving raw materials and finished goods around.

Similarly, we hope the government continues to invest in upgrading the railways, because often that becomes a bottleneck for moving raw materials, particularly in eastern India. The port infrastructure is anyway more in the hands of the private sector.

Secondly, we hope the government looks at the ease of doing business. How do we make it easier for capital intensive, long gestation businesses? And the third is  to keep an eye on unfair imports.

I think the Indian Steel Association has requested the Steel Ministry to look out for such imports. We are carefully watching how much Chinese steel is being imported. If you look at the Chinese steel companies, most of them are highly profitable. So, the question is, can the Indian steel industry survive at, let’s say, 5 percent EBITDA (earnings before interest, taxes, depreciation, and amortisation) margin, and invest for  growth? It can't.

We really need to look at how we can strengthen the industry so we can invest in growth. Otherwise, there will always be a gap between what we produce and what is required in the country. We are not running to the ministry every time there are some imports. But I think if it starts creeping up, we will certainly look at the ministry for some support.