Nuvoco Vistas summarises the 2023 Indian cement industry

Mr Jayakumar Krishnaswamy stated: “The cement industry showed resilience and highlighted its role in economic progress. For Nuvoco Vistas, the year was a mixed bag as we successfully navigated the complex business landscape with a sharp focus on value-driven growth. India's cement demand is rising steadily, driven by the infrastructure and affordable housing sectors. It was a year of strategic shifts in the cement industry, as the sector embraced environmental consciousness and adopted sustainable practices."

According to a report from Knight Frank, the construction sector in India has been estimated to employ over 100 million people by the year 2030, which is up prom previous estimations which put that figure at 70.6 million. With this prediction India could see output reaching US$1 trillion from the current US$650 billion therefore providing immense opportunity for the industry. Moreover, the present trajectory of the industry seems to agree as cement volumes witnessed a rise of 9 - 10% in 2023 - 2024, driven by demand from infrastructure and urban housing, as noted by ICRA in October, with a notable 11% - 12% year-on-year increase in the first half of the year.

As the year 2024 draws near, the Indian cement industry holds immense promise for sustainable growth. Nuvoco Vistas aims to be primed to seize the opportunities 2024 will present through its capacity building initiatives, emphasis on quality and innovation, and its ambition to secure a larger market share in the North while upholding its leadership position in the East.

Read the article online at: https://www.worldcement.com/asia-pacific-rim/19122023/nuvoco-vistas-summarises-the-2023-indian-cement-industry/