India’s renewed emphasis on infrastructure development-under flagship initiatives like Make in India and PM Gati-Shakti-is set to significantly boost domestic steel demand. According to a Deloitte report released at the ISA Steel InfraBuild Summit, steel consumption is projected to climb to 221–275 million tonnes by fiscal year 2033–34, growing at a compound annual rate of 5–7.3 per cent over the coming decade.
This surge reflects government-led investments in major transport and logistics infrastructure. The development of 11 industrial corridors comprising 32 projects under the PM Gati‑Shakti National Master Plan is poised to play a pivotal role, driving the initial phase of growth in steel usage. Indeed, the Master Plan integrates ministries across rail, road, air, ports, and utilities, creating a unified blueprint for nationwide infrastructure expansion.
Domestic finished steel consumption reached 136 million tonnes in FY 2023–24, registering a 14 per cent year-on-year increase and offering a track record of growth driven by infrastructure and industrial investments. Moreover, states like Maharashtra, Uttar Pradesh, Gujarat, Karnataka, and Tamil Nadu together accounted for a substantial 41 per cent of national consumption in FY 2022–23.
Complementing this demand surge, policy support is strengthening supply chains. The Ministry of Steel has aligned with PM Gati‑Shakti to encourage integrated steel usage in national projects, while measures like the Production-Linked Incentive (PLI) for specialty steel, scrap recycling initiatives, and import monitoring systems are reinforcing domestic capacity.
With India targeting 300 Mt production by 2030 under its National Steel Policy, this infrastructure-driven demand trajectory underscores steel’s central role in nation-building. As the timeline for industrial corridors and multi-modal logistics unfolds, the synergy between government policy and steel production is increasingly shaping India’s growth story.
