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Domestic Steel sector to surpass GDP growth amid Urbanization and Capex
The Business Guardian
|September 21, 2024
The domestic steel sector T growth will outpace the country's real GDP growth in the coming years, says a report by Anand Rathi.
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The growth in domestic steel will be driven by rapid urbanisation and an increase in public-private capital expenditure (capex).
The sector is expected to grow at a compounded annual growth rate (CAGR) of 8-10 per cent from the financial year (FY) 2024 to FY30, surpassing GDP growth during this period.
By the financial year 2030, India is forecasted to produce 210-220 million metric tonnes of steel, while domestic consumption is expected to reach 190-210 million tonnes.
This story is from the September 21, 2024 edition of The Business Guardian.
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