Indian steel industry continues to grow

Steel Secretary Nagendra Nath Sinha stated on Wednesday that domestic steel demand is anticipated to increase by 10 percent over the coming years, bolstered by the government's emphasis on infrastructure development. Sinha made these remarks during a 'CII Conference on Future Ready and Green Manufacturing' held in the national capital.

Highlighting the government's infrastructure focus, Sinha emphasized that domestic steel demand is poised for double-digit growth. He noted, "The demand witnessed a year-on-year increase of 13-14 percent in the financial year 2023-24, and this growth trajectory is expected to continue at a rate of 10 percent in the future."

Official data show that crude steel production reached about 145 million tons in FY 2023-24, up from 127 million tons in the previous fiscal year. Similarly, steel consumption rose to 136 million tons in FY 2023-24, compared to 120 million tons in 2022-23.