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Industry & Competitive Context India's cement industry in the mid-2010s was characterized by overcapacity and slowing demand growth. According to Business Standard, cement demand grew by just three per cent in FY15 the lowest rate in nearly a decade and well below the historical average growth rate of eight per cent while industry surplus capacity rose to 134 million tonnes, roughly a third of installed capacity, up from 117 million tonnes a year earlier. Cement demand grew b