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India's overall steel consumption is expected to expand at a CAGR of 5% to 7.3% over the next decade, resulting in a steel demand of 221-275 million tonnes (MT) by FY 34, according to a Deloitte analysis published on Friday. The report, which was issued at the ISA Steel InfraBuild Summit here, also stated that Maharashtra, Uttar Pradesh, Gujarat, Karnataka, and Tamil Nadu had established themselves as steel consumption leaders, accounting for 41% of overall consumption in FY23.
"Government spending on infrastructure projects will drive the initial growth phase in the next decade. 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.
From FY14 to FY24, India's finished steel consumption posted a CAGR of 5.67%. In FY24, domestic finished steel consumption reached 136 MT, marking more than 14% year-on-year growth driven by sustained momentum across developmental projects and increased government spending in various end-use industries.
The steel industry plays a crucial role in Telangana's economic landscape. During the last fiscal year, the state's steel consumption grew by 15.75% year-on-year from 4.730 MT in FY22 to 5.475 MT in FY23, outpacing the national average. The report further said that the rising growth of electric vehicles in Tamil Nadu will increase the demand for electrical steel. In contrast, the growth of food processing industries will drive the demand for stainless steel.
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