Budget 2022: “Push towards infrastructure to have a multiplier effect on key sectors”

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The government’s “significant push” for the infrastructure sector in the Union’s budget is expected to have a multiplier effect on key sectors like steel and cement, industry body IRMA said on Tuesday.

In a statement, the Indian Refractories Manufacturers Association (IRMA) said: “There is a significant push in the infrastructure sector, particularly transport and logistics, while capital expenditure has been increased by 35.4%, from Rs 5.54 lakh crore to Rs 7.50 lakh crore.

This is likely to have a multiplier effect on core sector industries like steel and cement, and in turn boost the domestic refractory industry, the body said.

IRMA President Parmod Sagar said, “Continued infrastructure effort will generate demand on many levels. The focus on green energy, the SEZ reforms and the push on manufacturing, particularly national defense manufacturing, are consistent with the Honorable Prime Minister’s vision of “Make in”. India’ and Atmanirbhar Bharat.”

Refractory is a specialized heat-resistant material used in the manufacture of cement, steel, copper and aluminum. Due to its special properties, it can withstand high temperatures, and magnesia and alumina are the main raw materials needed for its production.

Based in Kolkata, IRMA is the apex body of domestic refractory manufacturers. It is involved in various activities such as representing government on common issues, maintaining a refractory industry database, developing the SME sector, etc.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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