ICRA projects GDP to dip 6.5% YoY in Q2FY25
It said, this is due to the heavy rains and weak margins offsetting the buoyancy injected by the turnaround in Government capital expenditure and healthy trends in kharif sowing.
Driven by robust demand for government infrastructure projects, the country’s domestic steel production is projected to cross 300 million tonnes (MT) by 2030, Steel Secretary Nagaendra Nath Sinha said on Saturday.
Addressing the Bharat Chamber of Commerce (BCC) here, the senior official said current steel demand remains strong with infrastructure push from the government and expecting a growth of about 10 per cent.
Sinha further said that amid the strong GDP growth and continued emphasis on infrastructure from both government and private sectors, “steel demand will continue to stay strong.”
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On the decarbonisation roadmap, which focuses on increased hydrogen use in the steel industry and carbon capture, among others, the Centre had set up 14 task forces.
The government’s short-term target aims at about a 20 per cent reduction in carbon intensity.
According to BCC president NG Khaitan, steel production was 49.5 million tonnes from January to April this year, a growth of 8.5 per cent.
Earlier this week, Union Minister of Steel and Heavy Industries H.D. Kumaraswamy, launched SIMS 2.0 portal, the upgraded Steel Import Monitoring System, to provide actionable intelligence to stakeholders for effective decision-making and strategic planning.
The availability of such detailed data not only provides input for policy-making but also signals areas for production and growth in the domestic steel industry.
Sinha said that while India maintains its position as the second-largest steel producer globally, the country’s finished steel imports remained significant at around eight million tonnes in 2023-24, underscoring the need for enhanced domestic production capabilities.
Investments in infrastructure are set to climb from 33 per cent of GDP in FY24 to 36 per cent by fiscal year 2029, sparking a ripple effect on the economy, according to a recent report by DSP Mutual Fund.
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