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.

Next Story
Resources

Russia National Science Prize to Honour Tech Breakthroughs

Applications are now open for the international prize in the field of future technologies VYZOV. This prestigious award recognises breakthrough ideas and inventions that transform the landscape of modern science and impact the lives of individuals globally. The mission of the VYZOV Prize is to inspire and motivate the younger generation to pursue a lifelong commitment to science. The prize aims to recognise and celebrate scientific achievements to promote the desirability of science as a career. In doing so, it aspires to establish scientists as exemplary role models for future generations.The..

Next Story
Infrastructure Urban

Cabinet to Weigh Formation of SPV for Bengaluru’s Infra Projects

The Karnataka Cabinet is set to discuss the formation of a Special Purpose Vehicle (SPV) to take charge of key infrastructure projects in Bengaluru, a move aimed at streamlining the city’s development and reducing traffic congestion.The proposed SPV will have the state government and the Bruhat Bengaluru Mahanagara Palike (BBMP) as stakeholders. The Cabinet is expected to finalise the shareholding ratio between the two. Once operational, the SPV will oversee major infrastructure initiatives such as tunnel roads, elevated corridors, buffer zone roads along stormwater drains, white-topping pro..

Next Story
Infrastructure Urban

MEIL Receives Purchase Order for Nuclear Power Project from NPCIL

Megha Engineering & Infrastructure Ltd. (MEIL) has formally received the Purchase Order for a Rs 128 billion EPC contract from the Nuclear Power Corporation of India Limited (NPCIL) to construct two 700 MWe nuclear reactors—Kaiga Units 5 & 6—in Karnataka. This is the biggest-ever order placed by NPCIL and marks MEIL’s first major step into the nuclear energy sector—a field that will help shape India’s energy future. The order was formally handed over at NPCIL’s Mumbai headquarters to Shri Ch. P. Subbaiah, Director, MEIL (Projects), and his team. It was not just a professio..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?