Steel demand to grow in double digits in coming years: Minister Varma

New Delhi: Steel demand in India will continue to grow in double digits in the coming years, driven by government-led infrastructure projects, Union Minister Bhupathiraju Srinivasa Varma has said.

Government-led initiatives have pushed infrastructure projects across the country, leading to higher consumption of the commodity, the Minister of State for Steel said at the ongoing ISA Steel Conclave 2025.

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Over the last three years, the steel demand has been growing at a double-digit rate and will continue to rise as the country strives to achieve the target of 300 million tonnes of steel-making capacity by 2030, he said.

The steel industry contributes significantly to the GDP and plays a major role in achieving India's vision of Aatmanirbhar Bharat.

"Under the leadership of Prime Minister Narendra Modi, flagship programs such as National Infrastructure Pipeline, Make in India are significantly boosting the steel demand and driving domestic steel consumption," he said.

Varma, who is also the MoS for Heavy Industries, said there are some key priorities for the steel industry like decarbonisation and advancing the green steel mission, technology adoption to ensure the sector's long-term resilience and competitiveness, ensuring raw materials security, among others.

According to market research firm BigMint, India's steel demand has been growing at a CAGR of around 8-10 per cent.

In FY2024-25, the country's steel consumption was at 150 million tonnes.

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