Indian investment information and credit rating agency ICRA Limited reported that India's domestic steel demand is projected to grow by 7-8% in fiscal 2024, compared to 6-7% growth in the previous forecast.
The upward adjustment in ICRA's domestic steel consumption forecast was driven by the central government's capital expenditure, which is expected to increase by 37% in FY2024.
Steel consumption continues to be robust in the current fiscal year as the government is promoting some infrastructure.
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