Steel Demand in India Surges, Growth Revised Upwards

05 Jun 2024 CW Team

Several factors contribute to this surge in steel demand. The government's focus on infrastructure development, including initiatives like the National Infrastructure Pipeline (NIP) and ambitious projects like the Bharatmala Pariyojana, drives the demand for steel products. Additionally, the recovery of the real estate sector post-pandemic and increased investments in urban and rural infrastructure further fuel this demand.

This upward trajectory in steel demand bodes well for the Indian economy. The steel industry plays a crucial role in the country's economic growth, contributing significantly to employment generation and GDP expansion. Furthermore, a thriving steel sector boosts ancillary industries, such as mining, transportation, and machinery manufacturing.

ICRA's decision to revise the growth target reflects the optimism surrounding India's economic recovery. The steel sector's resilience amidst challenges like supply chain disruptions and fluctuating raw material prices underscores its importance as a key driver of economic growth.

To sustain this growth momentum, stakeholders must focus on enhancing production capacities, adopting advanced technologies, and ensuring a conducive policy environment. Continued investments in infrastructure, coupled with reforms to streamline regulatory processes and improve ease of doing business, will further strengthen India's position as a global steel hub.

In conclusion, India's steel industry's remarkable growth underscores its pivotal role in driving economic development. With favourable market conditions and strategic interventions, the sector is poised for sustained growth, contributing to India's journey towards becoming a $5 trillion economy.

India's steel sector is experiencing a remarkable surge in demand, with a notable 11.3% increase reported. This surge has prompted ICRA, a leading credit rating agency, to revise its growth target for FY2025 to a promising 9-10%. The robust growth in steel demand indicates a strengthening of various sectors of the economy, particularly infrastructure, construction, and manufacturing. Several factors contribute to this surge in steel demand. The government's focus on infrastructure development, including initiatives like the National Infrastructure Pipeline (NIP) and ambitious projects like the Bharatmala Pariyojana, drives the demand for steel products. Additionally, the recovery of the real estate sector post-pandemic and increased investments in urban and rural infrastructure further fuel this demand. This upward trajectory in steel demand bodes well for the Indian economy. The steel industry plays a crucial role in the country's economic growth, contributing significantly to employment generation and GDP expansion. Furthermore, a thriving steel sector boosts ancillary industries, such as mining, transportation, and machinery manufacturing. ICRA's decision to revise the growth target reflects the optimism surrounding India's economic recovery. The steel sector's resilience amidst challenges like supply chain disruptions and fluctuating raw material prices underscores its importance as a key driver of economic growth. To sustain this growth momentum, stakeholders must focus on enhancing production capacities, adopting advanced technologies, and ensuring a conducive policy environment. Continued investments in infrastructure, coupled with reforms to streamline regulatory processes and improve ease of doing business, will further strengthen India's position as a global steel hub. In conclusion, India's steel industry's remarkable growth underscores its pivotal role in driving economic development. With favourable market conditions and strategic interventions, the sector is poised for sustained growth, contributing to India's journey towards becoming a $5 trillion economy.

Infrastructure Transport

17 Sep 2025

Adani wins Kedarnath ropeway project to cut trek to 36 minutes

Adani Enterprises Ltd (AEL) has secured the contract to build a 12.9-km ropeway connecting Sonprayag with Kedarnath, a project expected to transform the pilgrimage experience. Awarded by National Highways Logistics Management Ltd (NHLML), the project will be executed under the National Ropeways Development Programme – Parvatmala Pariyojana.Currently, pilgrims undertake a gruelling nine-hour trek to Kedarnath. The ropeway will reduce this journey to just 36 minutes and can transport 1,800 passengers per hour in each direction, serving the nearly 20 lakh devotees who visit annually.The Rs 25,0..

Infrastructure Transport

17 Sep 2025

Gurugram Rapid Metro to shift from DMRC to GMRL control

The Haryana Mass Rapid Transport Corporation Limited (HMRTC) has begun the process of transferring Gurugram’s Rapid Metro operations from the Delhi Metro Rail Corporation (DMRC) to Gurugram Metro Rail Limited (GMRL). The decision was taken at HMRTC’s 62nd Board meeting, chaired by chief secretary Anurag Rastogi.Committees have been formed to oversee the transition, covering technical, legal, and operational aspects, with definitive timelines being prepared. Until the transfer is complete, the system will be managed jointly by DMRC and GMRL.The Rapid Metro has shown notable performance impr..

Infrastructure Transport

17 Sep 2025

Chandigarh Metro cost climbs to Rs 25,000 crore amid delays

The long-awaited Chandigarh Tricity Metro project has seen its estimated cost balloon to nearly Rs 25,000 crore, following delays in approvals by the Union Territory administration. The cost, which stood at Rs 23,263 crore in February 2025, has risen by Rs 1,737 crore in just seven months, according to officials.The matter was raised during the transport standing committee meeting of the Administrator’s Advisory Council, chaired by AAP state president Vijay Pal. A presentation by Rail India Technical and Economic Service (RITES) strongly recommended that the Metro is the most suitable mass r..