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Domestic steel consumption is likely to expand by 10% over the next five years, aided by the government's emphasis on infrastructure, according to Steel Secretary Nagendra Nath Sinha. The official delivered the remarks during the 'CII Conference on Future Ready and Green Manufacturing' in the national capital.
Domestic steel consumption will increase by double digits as a result of the government's infrastructure push, he predicted.
"The demand has grown by 13-14% year-on-year in the financial year 2023-24. It will continue to grow by 10% in the future," Sinha said.
According to official figures, crude steel production increased to roughly 145 million tonnes (MT) in the fiscal year 2023-24, up from 127 MT the previous year. In the fiscal year 2023-24, consumption was 136 MT, up from 120 MT in 2022-23.
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