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India’s domestic steel demand to continue to grow at around 10 per cent or more over the next few years, fuelled by the government’s thrust on infra projects & booming construction segment, Nagendra Nath Sinha, Steel Secretary, said on Wednesday.
According to him, India’s annual production capacity is currently at 170 million tonne, with demand momentum expected to sustain.
“The demand has grown by around 14 per cent y-o-y in FY24. It will continue to grow by 10 per cent in the future,” he said while speaking at a conclave on manufacturing organised by the CII.
Data available from India’s steel ministry showed that crude steel production was around 145 million tonnes last fiscal, up 13 per cent from the year before. In FY23, it stood at 127 million tonnes.
Consumption was at 136 million tonnes in FY24, against 120 million tonnes in FY23.
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