According to the statistics, steel demand is expected to grow by 7.5% to 128.85 million tonnes in FY 2023-24, driven by strong infrastructure spending by the government. In FY 2024-25, growth is expected to reach 6.3%, resulting in steel demand of 136.97 million tonnes.
The World Steel Association is also forecasting a 7.3 per cent increase for India in 2023 and 6.2 per cent in 2024.
The Indian government's measure to substantially increase capital expenditure in the union budget for 2023-24 is expected to stimulate road and railway infrastructure, and steel demand is said to increase, supported by the government's increased investment in housing projects.
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