Home completed metal consumption has registered a development of 13 per cent to 136 million tonnes throughout 2023-24, supported by elevated demand from automotive and infrastructure sectors, SteelMint India stated.
The nation consumed 120 million tonne (MT) completed metal within the previous 2022-23 monetary yr, the analysis agency stated in a report.
“Demand from the automotive trade improved in FY24, together with focus rising in direction of the EVs. Infrastructure and building sectors additionally confirmed resilience with investments, principally supported by government-funded growth tasks,” SteelMint stated.
The manufacturing of crude metal within the nation rose 12.6 per cent to 143 MT over 127 MT within the earlier fiscal.
The event assumes significance as below the Nationwide Metal Coverage, the federal government is aiming to extend India’s annual metal manufacturing capability to 300 MT and per capita metal consumption to 160 kg by 2030.
As per the SteelMint information, the consumption of completed metal rose 6 per cent to 33 MT within the January-March interval of FY24 from 31 MT within the year-ago interval.
The manufacturing of crude metal was 37 MT throughout the quarter, 12.1 per cent greater than 33 MT within the year-ago quarter.
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