India's steel consumption is expected to grow by 9-10 percent in the current financial year, 2025-26, the secretary of the ministry of steel, Sandeep Poundrik, said in a statement on Wednesday, September 24.
Mr. Poundrik expressed optimism for the sector, citing the impending end of the rainy season and the positive impact of recent goods and services tax (GST) reforms. He said that changes in the GST are likely to increase steel demand from key sectors such as construction, automobiles, and household consumer durables.
India is the only major global economy where steel consumption has been growing at double digits for the past three years, he added.
Regarding concerns about imports, the secretary stated that government measures, including a provisional safeguard duty, have been effective. Imports from China have declined significantly this year and ongoing antidumping investigations are expected to further protect the domestic industry from cheap or substandard steel.