Govt infra push steers steel demand to 221-275 mn tonnes by FY34: Report

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Govt infra push steers steel demand to 221-275 mn tonnes by FY34: Report - Business Standard

Quick Summary:

With a sustained momentum of investment across different sectors, overall steel demand in India is projected to grow at a CAGR of 5 per cent to 7.3 per cent over the next decade leading to a steel demand of 221-275 million tonnes by FY 34 (under different scenarios), according to a report by Deloitte released on Friday.

The report, released at ISA Steel InfraBuild Summit here, also said Maharashtra, Uttar Pradesh, Gujarat, Karnataka and Tamil Nadu have established themselves as leaders in steel consumption, leading to 41 per cent of the total consumption in FY23.

The development of 11 industrial corridors comprising 32 projects, to be developed in four phases under the PM Gatishakti National Master Plan, will be a key driver for steel consumption," the report explained.