The growth of industry will be primarily driven by the government-led spending on big infrastructure projects and low cost housing, besides uptick in rural housing.
The domestic industry has sustained cement consumption growth of seven per cent in last 17 years.
"Industry reached historical GDP multiple in FY'18 post slowdown in the last three-four years...Long-term average cement demand growth is expected to be 1.2 times of GDP growth rate," the Aditya Birla group firm said in its investor presentation.
UltraTech, with an installed capacity of 105 mtpa (million tonne per annum), expects "demand momentum to maintain with improved focus on infrastructure, low cost housing and uptick in rural housing."
The Reserve Bank of India had last week projected an economic growth rate of 7.4 per cent for 2019-20 as against 7.2 per cent in the current fiscal.
The Indian cement industry is witnessing consolidation at regular intervals and top five players hold around 50 per cent of capacity.
Presently, the Indian cement industry has 225 plants, owned by 65 players.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)