Overcoming challenges, the country is witnessing economic growth recovery on the back of robust consumer sentiment coupled with a focus on key development initiatives by the government. Despite the lockdown restrictions, sectors like construction and infra are leading this growth story with 13,300 kms of highways constructed in FY’21 with an aim to construct 65,000 kms of highways in FY’22, thereby driving the consumption of aggregates and other raw materials. Cement production is expected to rise by around 16% in FY’22 over FY’20, with 500mt production expected annually by FY’25. Domestic coal production is also on the rise, with the sector gearing up to meet the 1000mt production target set for FY’25. Steel production has seen a YoY rise of 8-9% in FY22 with the yearly demand for finished steel slated to increase to 230 million tonnes in FY’31. New inroads are being made in energy, communication, heavy industries, agri products, consumer goods, e-commerce, petroleum and auto sectors with renewed public and private investment.
Commercial vehicles have always been the lifeline of the Indian economy and the commercial vehicle industry has always ensured that the wheels of the economy not only run smoothly but importantly, pick up pace to accelerate its growth.
This story is from the September 2021 edition of Construction Week.
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This story is from the September 2021 edition of Construction Week.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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