Concrete

Budget 2024: Strategies for Sustainable Growth

Published

2 years ago

August 23, 2024

Roshna

The unveiling of Union Budget 2024 marked a pivotal moment for India’s economic trajectory, blending ambitious growth targets with pragmatic fiscal policies. ICR gets key stakeholders from the cement sector to voice their views about the Budget.

In the Interim Budget 2024-25, the honourable Finance and Corporate Affairs Minister, Nirmala Sitharaman, had declared an 11.1 per cent increase in capital expenditure for infrastructure, raising the outlay from `10 lakh crore to Rs.11.11 crore, or 3.4 per cent of GDP. Based on these revelations, the cement industry was optimistic about significant investments in highways, roads, bridges and urban development projects to be declared in the Union Budget 2024. The industry was not disappointed. Ambitious initiatives such as Bharatmala and Sagarmala are now offering immense growth potential for the sector, provided they receive adequate funding.
The Indian cement industry was eagerly anticipating a considerable boost in budget allocations for housing and infrastructure projects, as together these sectors constitute over 80 per cent of cement demand in the country. Following are the highlights of Union Budget 2024 with regards to these expectations.

Urban development

Formulation of Transit Oriented Development plans and strategies to implement and finance 14 large cities above 30 lakh population.

Urban housing

Investment of Rs.10 lakh crore, including the central assistance of Rs.2.2 lakh crore in the next 5 years, under PM Awas Yojana Urban 2.0 proposed to address the housing needs of 1 crore urban poor and middle-class families.
Infrastructure
Rs.11,11,111 crore (3.4 per cent of GDP) to be provided for capital expenditure.
Infrastructure investment by state governments
Provision of Rs.1.5 lakh crore for long-term interest free loans to support states in infrastructure investment.
Pradhan Mantri Gram Sadak Yojana (PMGSY)
Launch of phase IV of PMGSY to provide all-weather connectivity to 25,000 rural habitations.
We bring you reactions to the Union Budget 2024 by industry experts:

“The Union Budget 2024-25 presents a compelling roadmap for India’s infrastructure and economic growth. Its focus on productivity, job creation, and urban development aligns with our vision for a resilient India. The substantial capital expenditure allocation of Rs.11.11 lakh crore demonstrates the government’s commitment to nation-building, benefiting the construction materials sector, including cement. We commend the `1.48 lakh crore investment in education, employment, and skill development, which will enhance workforce capabilities. The emphasis on sustainability and clean energy, along with the PM Surya Ghar Muft Bijli Yojana, resonates with JK Lakshmi Cement’s green initiatives. As a leading cement manufacturer, we’re prepared to contribute significantly to India’s infrastructure development, leveraging these policies to build a stronger, more sustainable future.”
– Arun Shukla, President and Director, JK Lakshmi Cement

“We welcome the Government’s consistent approach towards Fiscal consolidation, supporting Capex in Infrastructure by reconfirming the allocation of Rs.11.11 lakh crore in the budget as also additional allocations towards improving Urban and Rural Infrastructure. We also welcome the government’s focus on employment generation, skilling, Woman empowerment, MSMEs and climate change mitigation as well as their encouragement to the States to carry out land and labour reforms and improve Ease of doing Business further. We believe this Budget paves the way for the next generation of reforms which we are confident will lead India to its deserved place of being Viksit Bharat.”
– Sunil Mathur, Managing Director and Chief Executive Officer, Siemens

“We welcome the government’s strong commitment to inclusive development in this year’s budget with the vision of a ‘Viksit Bharat’. The focus on nine priority areas and employment will entail sustained efforts to generate ample opportunities for all. The government’s decision to maintain the interim capital expenditure target of Rs.11.11 lakh crore — the highest allocation ever at 3.4 per cent of GDP — reflects the sustained reliance on infrastructure development to drive economic growth. Additionally, the allocation of Rs.2.66 lakh crore for rural development, including rural infrastructure projects, will play a remarkable role in transforming the rural economy. The women-first initiatives for enhancing women’s participation in the labour force are also a welcome move. This focus on innovation, infrastructure, and inclusive development will ensure sustainable progress across the nation and also ensure that the impact reaches the common man.”
– Akshat Seth, Managing Director and CEO, HIL (a CK Birla group unit)

“Investments in infrastructure, urban planning, and digitization of land records are crucial steps towards enhancing the real estate sector in Hyderabad. We believe that these measures will not only boost the sector’s contribution to the economy but also address the housing needs of millions, driving inclusive growth and development.”
– V Rajashekhar Reddy, President,CREDAI Hyderabad

“The 2024 Budget’s emphasis on revising the personal income tax structure and increasing the standard deduction for salaried individuals from Rs.50,000 to Rs.75,000 is a welcome move. This initiative, coupled with the encouragement to states to lower stamp duty and the proposal for reduced stamp duty for women purchasing property, will make home ownership, particularly for first-time buyers, more accessible and financially viable. Additionally, the focus on affordable housing, with a substantial `10 lakh crore investment under the PM Awas Yojana-Urban, aims to address the housing needs of 1 crore urban poor, signalling robust support for residential real estate. The emphasis on industrial parks and infrastructure development will further bolster economic growth, paving the way for a dynamic real estate market.”
– Vishal Raheja, Founder and Managing Director, InvestoXpert

“The Union Budget 2024 was built on the foundation of Viksit Bharat. A strong focus was put on solar energy. The remarkable achievement of PM Surya Ghar Muft Bijli Yojana with 1.28 crore registrations and 14 lakh applications reflected the growing public awareness and alignment with the government’s vision of a solar-powered India. As a leading solar panel manufacturer, this motivates us to make solar energy more adoptable, affordable, and
accessible nationwide.
The exemption of customs duty on lithium, a crucial mineral used in the renewable energy sector, will reduce costs, making lithium-based technologies more affordable. The pumped storage policy which includes pumped storage projects for electricity storage will facilitate the smooth integration of the growing share of renewable energy into the overall energy mix, paving the way for a sustainable energy future. Imposing customs duty on the import of solar glass for solar cell and module production will promote domestic manufacturing and boost the economy. The increase of BCD on non-biodegradable PVC flex banners from 10 to 25 per cent is a commendable step towards environmental conservation. Power projects including setting up of a new 2400 MW power plant at Pirpainti, Bihar will add Bihar in the category of solar powered states, overall enhance the power quotient, add to the existing power capacity and create jobs. Overall, the budget highlighted the remarkable changes that will contribute to the development of a nation we all envisioned.”
– Raman Bhatia, Founder and Managing Director, Servotech Power Systems

“The removal of angel tax is a welcome move for India’s startup ecosystem. This, coupled with the establishment of a Rs.1,000 crore VC fund for the space economy, will foster innovation. The budget’s focus on manufacturing, with the introduction of plug-and-play industrial parks, is progressive. MSMEs will benefit significantly from the credit guarantee scheme, new assessment models by PSU banks and increased Mudra loan limits. The substantial allocation of `11 lakh crore for infrastructure, especially nature resilient is crucial for building a Viksit Bharat. The strategic shift towards nuclear energy as a major power source is visionary. Finally, the emphasis on cultural heritage through the development of the Vishnupad, Mahabodhi temple corridors, Rajgir and Nalanda is a welcome addition.”
– Rahul Garg, CEO and Founder, Moglix

“The recent budget has been highly favourable for the energy sector, with the government setting an ambitious goal of achieving 500 GW of renewable power by 2030. A key component of this plan is encouraging homeowners to adopt solar energy, facilitating a swift transition to solar power. To support this, the government has allocated Rs.70,000 crores in subsidies for homes that switch to solar energy. This is a crucial and forward-thinking initiative for the country’s future, and we express our gratitude to the government for taking this significant step.”
– Saurabh Marda, Co-founder and Managing Director, Freyr Energy

“I would like to congratulate the Government for presenting a visionary Budget that focuses on sustainable and inclusive economic growth. I particularly welcome several announcements that reflect the Government’s continued support for the renewable energy sector. The impetus on PM Surya Ghar Muft Bijli Yojana will help fast track nationwide adoption of rooftop solar, helping expand our overall RE capacity. The proposed investment in Pumped Storage programmes is a much-needed step that will ensure smoother integration of growing RE, leading to more reliable supply of green power and grid stability. The focus on transitioning hard to abate industries to greener alternatives will catalyse the C&I sector’s journey towards net zero. Introduction of a taxonomy for climate finance will help attract much needed capital for boosting climate resilience. Finally, the expanded duty exemptions will also help propel the RE sector ahead. This is a positive budget for the sector that should help continue the momentum of India’s energy transition and Hero Future Energies remains committed to partnering with the Government in enabling this mission.”
– Srivatsan Iyer, Global CEO, Hero Future Energies

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NDMC Rolls Out Intensive Sanitation Drive Across Lutyens Delhi

Municipal body intensifies cleaning and monitoring across the capital

Published

22 hours ago

March 13, 2026

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The New Delhi Municipal Council has launched an intensive sanitation drive across Lutyens’ Delhi, aiming to raise cleanliness standards in the capital’s central precincts. The programme will combine enhanced manual sweeping with mechanised cleaning and systematic waste removal to cover parks, heritage precincts and prominent thoroughfares. Authorities described the initiative as a sustained effort to improve public hygiene and reduce environmental hazards while maintaining the area’s civic image.

Operational teams have been instructed to prioritise drain clearing and litter hotspots, with special attention to markets and transit nodes that attract heavy footfall. Coordination with city utilities and waste processing units will be stepped up to ensure timely collection and disposal, and supervisory rounds will monitor adherence to cleaning schedules. Officials also intend to use data-driven planning to deploy resources efficiently and to identify recurring problem areas.

The council plans to engage resident welfare associations and business stakeholders to foster community participation in maintaining cleanliness and to support behavioural change campaigns. Public communication will be amplified through notices and outreach to encourage responsible waste handling and to inform residents about collection timings and segregation norms. Enforcement measures for littering and unauthorised dumping will be reinforced as part of a broader strategy to deter violations and sustain cleanliness gains.

The move reflects a focus on urban sanitation that officials link to public health priorities and to the city administration’s commitment to maintaining civic amenities. Monitoring mechanisms will include regular reporting and inspections to review outcomes and to recalibrate operations where necessary, according to municipal sources. The council emphasised that continued community cooperation will be essential for the drive to deliver lasting improvements in the appearance and hygiene of the capital’s core areas.

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UltraTech Appoints Jayant Dua As MD-Designate For 2027

Executive named to succeed current managing director in 2027

Published

4 days ago

March 10, 2026

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UltraTech Cement has appointed Jayant Dua as managing director (MD) designate who will take charge in 2027, the company announced. The appointment signals a planned leadership transition at one of the country’s largest cement manufacturers. The board has set a clear timeline for the handover and has framed the move as part of a structured succession plan.

Jayant Dua will be referred to as MD after assuming the role and will be responsible for overseeing operations, strategy and growth initiatives across the company’s network. The company said the designation follows established governance norms and aims to ensure continuity in executive leadership. The appointment is expected to allow a phased transfer of responsibilities ahead of the formal changeover.

The decision is intended to provide strategic stability as UltraTech Cement navigates domestic infrastructure demand and evolving market dynamics. Management will continue to focus on operational efficiency, capacity utilisation and cost management while aligning investments with long term objectives. The board will monitor the transition and provide further information on leadership responsibilities closer to the effective date.

Investors and market observers will have time to assess the implications of the announcement before the change is effected, and analysts will review the company’s outlook in the context of the succession. The company indicated that it will communicate any additional executive appointments or organisational changes as they are finalised. Shareholders were advised to refer to formal filings and company releases for definitive details on governance or remuneration.

The leadership change will be managed with attention to stakeholder interests and operational continuity, and the company reiterated its commitment to delivery on ongoing projects and customer obligations. Senior management will engage with employees and partners to ensure a smooth handover while maintaining focus on safety and compliance. Further updates will be provided through official investor communications in due course.

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Merlin Prime Spaces Acquires 13,185 Sq M Land Parcel In Pune

Rs 273 crore purchase broadens the developer’s Pune presence

Published

1 week ago

March 6, 2026

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Merlin Prime Spaces (MPS) has acquired a 13,185 sq m land parcel in Pune for Rs 273 crore, marking a notable expansion of its footprint in the city.

The transaction value converts to Rs 2,730 mn or Rs 2.73 bn.

The parcel is located in a strategic area of Pune and the firm described the acquisition as aligned with its growth objectives.

The deal follows recent activity in the region and will be watched by investors and developers.

MPS said the acquisition will support its planned development pipeline and enable delivery of commercial and residential space to meet local demand.

The company expects the site to provide flexibility in product design and phased development to respond to market conditions.

The move reflects an emphasis on land ownership in key suburban markets.

The emphasis on land acquisition reflects a strategy to secure inventory ahead of demand cycles.

The purchase follows a period of sustained investor interest in Pune real estate, driven by expanding office ecosystems and residential demand from professionals.

MPS will integrate the new holding into its existing portfolio and plans to engage with local authorities and stakeholders to progress approvals and infrastructure readiness.

No financial partners were disclosed in the announcement.

The firm indicated that timelines will depend on approvals and prevailing market conditions.

Analysts note that strategic land acquisitions at scale can help developers manage costs and timelines while preserving optionality for future projects.

MPS will now hold an enlarged land bank in the region as it pursues growth, and the acquisition underlines continued corporate appetite for measured expansion in second tier cities.

The company intends to move forward with detailed planning in the coming months.

Stakeholders will assess how the site is positioned relative to existing infrastructure and connectivity.