Economy & Market

ICRA updates its FY24 domestic steel demand forecast to 8%

Capital expenditure is budgeted at Rs 10 tn constituting 3.3% of GDP

Published

2 years ago

March 25, 2023

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ICRA updated its forecast for domestic steel demand to 7-8% for the next fiscal. Originally, the
ratings agency predicted that the demand would increase by 6% to 7%. According to a study from
ICRA, with the central government’s capex outlay in FY 2024, ICRA has revised upwards its steel
consumption growth estimate for FY 2024 to 7-8% from 6-7%. Budgeted capital expenditures for
2023-2024 are expected to total Rs 10 trillion constituting 3.3% of GDP.

The government’s push for infrastructure-led economic growth has continued to boost the domestic
steel consumption growth, which has been solid throughout the current fiscal year. “With steel
consumption expected to grow in high-single digits next year, we expect the industry’s capacity
utilisation rate to improve to around 80 per cent in FY 2024, despite the commissioning of some new
expansion projects,” said Jayanta Roy, Senior Vice-President & Group Head – Corporate Sector
Ratings at ICRA on the forecast. 107.20 million tonnes of finished steel were consumed in India
between April and February of FY23.

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Image source:https://newsmantra.in/

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Rekha Onteddu to become director at Sagar Cements

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5 days ago

June 17, 2025

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Sagar Cements has announced the appointment of Rekha Onteddu as a non-executive independent director, effective 30 June 2025. According to People in Business News, Rekha Onteddu is currently serving in a similar capacity at Andhra Cements, the parent company of Sagar Cements.

Image source:https://sagarcements.in/

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India’s cement consumption set to rise

Published

5 days ago

June 17, 2025

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According to a Moody’s report, India’s cement consumption is projected to rise by 50 per cent over the next five years, increasing from 445 million metric tons per annum (MMTPA) in FY24 to 670 MMTPA by 2030. This growth is expected to be driven by government infrastructure spending and rising housing demand, with an anticipated annual growth rate of 6-7 per cent. To meet this demand, major cement companies are likely to continue acquiring smaller, less profitable firms.

Image source:https://www.telegraphindia.com/