FCC

Steel demand surge to persist, poised for 10% growth: Steel Secy

2024-05-09

During the 'CII Conference on Future Ready and Green Manufacturing' held in the national capital, Steel Secretary Nagendra Nath Sinha conveyed that the trajectory of domestic steel demand is poised to ascend at a robust rate of 10 percent in the forthcoming years. This optimistic outlook is firmly underpinned by the steadfast commitment of the government towards bolstering infrastructure development initiatives. Sinha articulated that with the unwavering attention directed towards infrastructure projects by the government, the domestic demand for steel is primed to burgeon at a pace characterised by double-digit growth.

Expounding further on the current scenario, Sinha shared that the demand for steel had witnessed a commendable surge of 13-14 percent year-on-year during the financial year 2023-24. Encouraged by this momentum, he emphasized the conviction that this upward trajectory will persist, with the demand projected to sustain a growth rate of 10 percent in the foreseeable future.