Domestic steel demand is anticipated to increase by 10% over the coming years, boosted by the government’s infrastructure focus, Steel Secretary Nagendra Nath Sinha said on Wednesday.
Speaking at the national capital’s “CII Conference on Future Ready or Green Manufacturing,” the official made the comments. He predicted double-digit growth in domestic steel demand as a result of the government’s emphasis on infrastructure.
The demand increased in the fiscal year 2023–2024 by 13–14% on an annual basis. In the future, it will grow by 10% more, according to Sinha.
Approximately 145 million tonnes (MnT) of crude steel were produced in the 2023–24 fiscal year, up from 127 MnT in the previous fiscal year, according to official data.
In 2023–24, consumption was 136 million t, compared to 120 million t in 2022–2023 fiscal year.
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