New Delhi, Feb. 4 -- The Indian Steel Association (ISA) has welcomed the recent reduction in direct taxes, predicting a positive ripple effect on the steel sector.

With the government's focus on empowering the middle class, ISA believes this move will increase buying power, boosting consumption in key industries like auto and consumer goods.

These sectors, along with their value chains, account for about 15 per cent of total steel consumption.

ISA President Naveen Jindal emphasised, "The reduction in direct taxes will certainly spur consumption, indirectly benefiting the steel sector. The boost to the middle class will invigorate growth in the auto sector and consumer goods, further strengthening their value chains."

Jindal, who also ...