ICRA Limited, an Indian investment information and credit rating agency, reported that the Indian domestic steel demand was predicted to rise by 7-8% in the fiscal year 2024, compared to the growth of 6-7% in the previous forecast.

ICRA's upward adjustment in domestic steel consumption estimate was due to the central government's capital expenditure expected to increase by 37% in the fiscal year 2024.

Steel consumption remains strong in the current fiscal year due to the government's promotion of some infrastructures.