The Cement Manufacturers’ Association (CMA), the independent body of large cement producers in India that represents almost 75 per cent of the country’s total installed cement capacity, has applauded the Union Budget 2024-25. The budget, presented by the Finance Minister, Nirmala Sitharaman, on 23 July, set out a detailed plan for India’s economic growth with a strong emphasis on infrastructure development, employment generation and energy security.
Speaking about the budget, Neeraj Akhoury, president of the association and managing director of Shree Cement Ltd, stated, “Against the backdrop of global uncertainties and inflation, the Union Budget 2024-25 is transformative and forward-looking with an eye on fiscal consolidation. The announcement of INR11 lakh crore capital expenditure signifies the Government’s commitment to modernising India’s infrastructure through various significant projects and allocations, which will undoubtedly drive demand for cement and other building materials. These initiatives collectively illustrate the budget’s comprehensive and strategic approach to bolstering India’s infrastructure across various sectors.”
Mr Akhoury added, “The cement industry is in alignment with the Government of India’s net zero goals. The transition roadmap for ‘hard to abate’ industries to move from the ‘Perform, Achieve and Trade’ mode to the ‘Indian Carbon Market’ mode is a welcome step. The roadmap will further boost India’s energy infrastructure and encourage renewable energy adoption. Overall, this Budget is a win-win for both the economy and the environment, and the cement industry is poised to play a pivotal role in the nation’s development journey.”
Vice President of the CMA and Managing Director of JSW Cement Ltd, Parth Jindal ,said, “The budget indeed paves the way for a robust and resilient economy, fostering growth that is both equitable and sustainable. Its focus on employment, skilling, and urban development is a significant step towards inclusive growth. The Prime Minister’s package, with its emphasis on skilling and employment-linked incentives, will not only further enhance workforce capabilities but also generate new job opportunities within the cement sector. As the cement industry is transitioning and adapting to newer technologies, India needs a workforce that is skilled and equipped. The allocation of INR1.48 lakh crore for education, employment, and skilling initiatives stands to have a huge impact on creating a skilled workforce that can contribute effectively to the cement industry. The cement industry is a major contributor to employment generation in India. The cement industry welcomes the budget’s strategic initiatives and is committed to supporting these efforts through innovation and sustainable practices.”
