According to the estimation from the Indian Steel Association, India's steel demand will grow by 7.3% in 2023 and grow by 6.2% to reach about 131 million tons in 2024.

India's steel consumption is about 77-78 kg per capita, which is lower than the global average per capita steel consumption of 230 kg. There is still a lot of room for development. The goal of the Indian steel industry is to increase its output to 300 million tons in the next 10 years and reach 500 million tons in 2047.