Steel Demand In India To Grow At 10% Over Next Few Years, Predicts Steel Secretary
Steel Secretary Nagendra Nath predicts 10% growth in India's steel demand over the next few years, driven by government's infrastructure focus.
The domestic steel demand is expected to grow at a rate of 10% over the next few years, supported by the government's focus on infrastructure, Steel Secretary Nagendra Nath Sinha said on Wednesday.
The official made the remarks addressing a 'CII Conference on Future Ready and Green Manufacturing' conference in the national capital.
With the government's focus on infrastructure, the domestic steel demand will grow in double-digits, he said.
"The demand has grown by 13-14% year-on-year in the financial year 2023-24. It will continue to grow by 10% in the future," Sinha said.
As per official data, crude steel production was around 145 million tonnes in 2023-24 financial year, up from 127 MnT in the last fiscal. Consumption stood at 136 Mnt in the financial year 2023-24, as against 120 MnT in 2022-23.
