India: riding the growth wave

Published 21 November 2023

India, the world’s second-largest cement market, has demonstrated strong resilience and recovery since the COVID-19 pandemic. The country is now on course for a higher, sustainable demand trajectory and the cement sector is adding fresh capacity as it prepares to ride this new, long-awaited growth wave.

The Indian cement industry is at the start of a new chapter as all the key factors align for higher,

sustainable growth prospects (© Ganeshkumar Durai)

India is set to retain its position as the fastest growing economy over the next couple of years. After a remarkable and unexpectedly fast recovery of 9.1 per cent in FY20-21 following the pandemic-induced slowdown, India’s economy grew by 7.2 per cent in FY22-23. The moderation in growth presents a realistic picture that suggests the country has decisively emerged from any lingering impacts of the pandemic. The current fiscal year is also likely to see a slight moderation as the comparison base increases. Indeed, a continuation of 7-8 per cent growth would only be possible if India’s government continues with its economic reform policy and private sector participation is in full-swing. In the absence of these factors, GDP may slip to six per cent or below.

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