India`s steel demand likely to grow at 10% over next few years: Steel Secretary
Steel Secretary Nagendra Nath Sinha has said that India’s steel demand is expected to grow at a rate of 10 per cent over the next few years, supported by the government's focus on infrastructure.
The secretary said 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 per cent year-on-year in the financial year 2023-24. It will continue to grow by 10 per cent in the future.
As per official data, the production of crude steel in the country rose 12.6 per cent to 143 million tonnes (MT) in 2023-24 over 127 MT in the previous fiscal. Domestic finished steel consumption has registered a growth of 13 per cent to 136 MT during financial year 2023-24 as against 120 MT in in the previous fiscal, supported by increased demand from automotive and infrastructure sectors.
