India's consumption of finished steel products will reach 160 Mt by fiscal year 2024/2025 (April/March) and will increase by over 65% from 96.2 Mt in fiscal 2020/2021 when demand fell due to the effects of the coronavirus outbreak. This estimate was made by Ram Chandra Prasad Singh, Minister of Metallurgical Industry.
According to the minister, the consumption of steel products in the country, especially in the construction sector, will increase. In August 2021, Indian Prime Minister Narendra Modi announced that around $100 trillion will be invested in infrastructure development over the next five years under the Gati Shakti Master Plan.
According to the estimation of the Department of Metallurgical Industry, FY 2030/2031. The consumption of steel products in India will reach 250 million tons and as a result, the Ministry will encourage the creation of new metallurgy and raw material capacities.
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