Interim Budget: Despite tepid global growth, India's economic momentum remains robust, leading to upward revisions in growth forecasts for the ongoing fiscal. The Government of India (GoI) presented the Interim Budget for FY2025, continuing on the path of consolidation. It pegged the fiscal deficit at a lower than expected 5.1% of GDP and increased on-budget capex to Rs. 11.1 trillion. The budget focuses on providing positive impulses to growth while ensuring resilience to global headwinds. The capital expenditure in infrastructure and construction sectors, as well as allocation for flagship schemes like Pradhan Mantri Awas Yojana, will drive growth in steel and cement volumes.