India's CMA welcomes Interim Budget 2024-25

India’s cement producers have applauded the country’s government for its sustained focus on infrastructure development in its latest Interim Budget 2024-25. Under the budget plan, investment in infrastructure will increase by 11.1 per cent YoY in 2024-25, equivalent to 3.4 per cent of GDP.

Three major economic railway corridor programmes, namely the energy, mineral and cement corridor, as well as the port connectivity corridor and high traffic density corridor, are to be implemented to enable multi-modal connectivity, improve logistics efficiencies and reduce logistics costs. According to India's Cement Manufacturers’ Association (CMA), the expansion and development of airports, Metro Rail and NaMo Bharat (Indian Electric multiple unit train built for RapidX) will also continue. 

As part of its green energy programme, the government is focussed on meeting its net zero commitment by 2070, including coal gasification and liquefaction capacity of 100Mt to be set up by 2030. Viability gap funding is also being provided for harnessing offshore wind energy potential for initial capacity of 1GW. Meanwhile, phased mandatory blending of compressed biogas in compressed natural gas and piped natural gas is to be promoted for domestic purposes. 

“This Budget retains its intent to continue the rapid growth momentum keeping a sharp focus on medium and long term vision. The strong thrust on research and innovation with infrastructure development is a move in the right direction,” said Neeraj Akhoury, president of the CMA and managing director of Shree Cement Ltd.

“At the core of the announced Budget are speed, innovation and scale, which are indeed driving India’s economic growth engine. The Cement Manufacturers’ Association (CMA) resonates with the Hon’ble Prime Minister Shri Narendra Modiji’s vision and the Government’s intent to strengthen and boost India’s progress by creating sustainable business value chains that lend solidity and robustness to India’s socio-economic fabric,” added Parth Jindal, vice president of the CMA and managing director of JSW Cement Ltd.