+
India's Steel Consumption Surges by 13%
Steel

India's Steel Consumption Surges by 13%

According to SteelMint data, India's domestic steel consumption experienced a notable surge of 13% during the fiscal year 2023-24, reaching a total of 136 million metric tons (MT). This growth indicates a robust demand for steel across various sectors, underlining the country's economic resilience and industrial expansion.

The substantial increase in steel consumption is attributed to several factors, including infrastructure development projects, urbanisation initiatives, and manufacturing activities across key sectors such as construction, automotive, and engineering. The buoyant demand for steel underscores its pivotal role as a fundamental raw material driving India's economic progress and industrial transformation.

The robust growth in domestic steel consumption reflects the government's efforts to stimulate economic growth through infrastructure investments and structural reforms. Initiatives such as the National Infrastructure Pipeline (NIP) and flagship programs like Make in India have contributed to bolstering demand for steel and fostering a conducive environment for industrial growth.

Furthermore, the surge in steel consumption underscores the resilience of India's manufacturing and construction sectors, which have demonstrated remarkable adaptability amid challenging economic conditions. The sustained momentum in steel consumption bodes well for the overall trajectory of India's economy, signalling confidence among investors and stakeholders in the country's long-term growth prospects.

Looking ahead, continued investment in infrastructure, urban development, and manufacturing capacity is expected to sustain the momentum in domestic steel consumption. By leveraging its abundant resources and expanding industrial capabilities, India is poised to emerge as a leading global player in the steel sector, driving economic growth and employment generation across the country.

According to SteelMint data, India's domestic steel consumption experienced a notable surge of 13% during the fiscal year 2023-24, reaching a total of 136 million metric tons (MT). This growth indicates a robust demand for steel across various sectors, underlining the country's economic resilience and industrial expansion. The substantial increase in steel consumption is attributed to several factors, including infrastructure development projects, urbanisation initiatives, and manufacturing activities across key sectors such as construction, automotive, and engineering. The buoyant demand for steel underscores its pivotal role as a fundamental raw material driving India's economic progress and industrial transformation. The robust growth in domestic steel consumption reflects the government's efforts to stimulate economic growth through infrastructure investments and structural reforms. Initiatives such as the National Infrastructure Pipeline (NIP) and flagship programs like Make in India have contributed to bolstering demand for steel and fostering a conducive environment for industrial growth. Furthermore, the surge in steel consumption underscores the resilience of India's manufacturing and construction sectors, which have demonstrated remarkable adaptability amid challenging economic conditions. The sustained momentum in steel consumption bodes well for the overall trajectory of India's economy, signalling confidence among investors and stakeholders in the country's long-term growth prospects. Looking ahead, continued investment in infrastructure, urban development, and manufacturing capacity is expected to sustain the momentum in domestic steel consumption. By leveraging its abundant resources and expanding industrial capabilities, India is poised to emerge as a leading global player in the steel sector, driving economic growth and employment generation across the country.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

KONE Opens India's First Digital Experience Centre in Pune

KONE, a global elevator and escalator manufacturer, has inaugurated its first Digital Experience Centre (DEC) in India, located in Pune. The facility aims to showcase how artificial intelligence (AI), connectivity and data-driven technologies can enhance customer experiences and improve building operations.The centre was inaugurated by Jussi Herlin, Executive Vice Chair, KONE Corporation; Philippe Delorme, President and CEO, KONE; and Nandan Nilekani, Co-founder and Chairman of the Board, Infosys.Designed as an interactive customer environment, the facility demonstrates digital solutions cover..

Next Story
Infrastructure Urban

CII GreenCo Launches Circularity Guidelines for Indian Industry

The Confederation of Indian Industry (CII) GreenCo Council has launched the CII GreenCo Circularity Guidelines – Pilot Version at the 17th CII GreenCo Waste & Resource Management Summit 2026 in Chennai. The initiative aims to strengthen resource efficiency, waste reduction and circular economy practices across Indian manufacturing and process industries.The guidelines introduce a structured framework with circularity indices covering raw materials, consumables, packaging and other resource inputs. These indicators will help industries assess existing practices, identify opportunities to ..

Next Story
Infrastructure Energy

Global Electronics Association Launches IPC-1783-CO2E Standard

The Global Electronics Association has introduced IPC-1783-CO2E, a new international standard aimed at improving consistency, transparency and comparability in product carbon footprint reporting across the electronics manufacturing industry.The standard, titled International Standard for Data Collection and Reporting of CO2 Equivalent (CO2e) Emissions for the Electronics Manufacturing Supply Chain, provides industry-specific guidance for collecting, estimating and reporting carbon emissions data.With increasing regulatory requirements and customer expectations, electronics manufacturers face c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code