Construction sector picks up pace, Steel consumption and cement demand rises

According to Reserve Bank of India (RBI), the construction sector picked up pace, with steel consumption expanding by 9 per cent (y-o-y) in October, and cement production increasing by 7.1 per cent in September 2024. However, Port traffic contracted in October 2024, driven by petroleum, oil and, lubricants. Available high frequency indicators for the services sector reflect traction in economic activity in September/October 2024. Supported by the festive season and recession of South West Monsoon logistics activity increased as reflected in e-way bills and toll collection. Construction also picked up pace as seen in steel consumption and cement demand.

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