India's steel demand to grow by 5-7.3% annually over next decade
Time:Thu, 11 Jul 2024 15:46:48 +0800
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According to Deloitte's latest report, India's steel demand is projected to grow at an annual rate of 5-7.3% over the next decade, potentially reaching 221-275 million tons by the 2033/2034 fiscal year.
This growth will be driven primarily by government infrastructure projects, including the development of 11 industrial corridors under the Prime Minister's Gatishakti National Master Plan.
From 2013/2014 to 2023/2024, steel consumption in India grew at an average annual rate of 5.67%, with a notable 14% increase in 2023/2024, reaching 136 million tons.
Maharashtra, Uttar Pradesh, Gujarat, Karnataka, and Tamil Nadu were key states, accounting for 41% of total steel consumption in the 2022/2023 financial year. The Indian credit rating agency ICRA has revised its forecast for domestic steel consumption growth to 9-10% for the 2024/2025 fiscal year.
