Steel consumption in India is expected to grow by 9-10 percent in the current fiscal year, 2025-26, Steel Ministry Secretary Sandeep Paundrick said in a statement on Wednesday, September 24.
Mr. Poundrick expressed optimism about the sector, citing the impending end of the rainy season and the positive impact of recent reforms to the Goods and Services Tax (GST). He said the changes to the GST were likely to increase demand for steel from key sectors such as construction, automobiles and consumer durables.
India is the only major global economy where steel consumption has been growing by double digits over the past three years, he added.Regarding concerns about imports, the secretary stated that government measures, including a temporary protective duty, had been effective. Imports from China have declined significantly this year, and ongoing anti-dumping investigations are expected to further protect the domestic industry from cheap or substandard steel.
