Rating agency Icra has revised down its volume growth forecast for the cement industry to 4-5 per cent at 445-450 million tonne for the current fiscal on account of sluggish construction activity.

In July this year, Icra had forecast a year-on-year volume growth of 7-8 per cent, expecting a better pick-up in demand in the second half.

However, Icra has now revised its projection "on account of slower-than-expected ramp-up in construction activity across the housing and infrastructure sectors, post the General Elections," a statement said.