Fueled by rapid infrastructure development and building construction, India’s copper demand hits 1700 kilo tonnes in FY 24 with surge of 13 percent annually, International Copper Association India informed on Monday.
Study undertaken by the International Copper Association India revealed the surge in the India’s demand of mineral.
“The trends reflect robust growth in copper requirement, aligning with India’s GDP growth trajectory. The growth is fuelled by public and private sector investments, higher consumer spending, and advancements in key sectors like building construction, infrastructure, transportation, industrial and consumer goods wherein copper demand grew by double-digits,” International Copper Association India Managing Director Mayur Karmarkar said.
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43 percent of copper demand comes from infrastructure and building construction while contributing 11 percent to country’s GDP. As per the latest GDP data, the infrastructure and construction sectors grew by 9.1 per cent and 6.8 per cent, respectively, in the first half of the ongoing financial year.
Copper requirement increased by 21 percent between FY21 to FY24 after covid pandemic. The surge is attributed to economic expansion.
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