Erosion in India’s national properties and infrastructures is resulting in losses to the nation each year. In order to tackle this issue and boost their own industrial sector, the ISSDA along with GSSE, have requested the Indian central government to formulate a national stainless steel policy and a national anti-corrosion policy.
In a recent meeting held in Mumbai, representatives of the industry pointed out low-cost imports and other shortcomings in policy and made a request for a specific policy framework. The industry claims that India is suffering from issues like annual economic losses of about ₹12 lakh crore due to corroded steel, increased imports, and idle manufacturing facilities.
According to industry data, India has a stainless steel production capacity of approximately 7.5 million tons, but currently only 60 to 65 percent of this is being utilized. Meanwhile, approximately 25 to 28 percent of domestic demand is met through imports, primarily from China. ISSDA President Rajamani Krishnamurthy stated that India has the technical expertise to become a global leader in stainless steel and expand production capacity, but a strong policy framework is needed.
He explained that the industry currently faces two major challenges: cheap imports and a lack of strong policy. Stainless steel is still classified as ordinary steel, even though its manufacturing process, raw material requirements, and areas of application are completely different. A separate National Stainless Steel Policy will ensure raw material availability, encourage investment, and help India become a global hub for value-added stainless steel.
Corrosion is the biggest challenge facing the industry, he said. India loses about 4 per cent of its GDP, or around ₹12 lakh crore, annually due to corrosion in public infrastructure, transportation, industrial assets and utility services. This loss can be substantially reduced by a National Anti-Corrosion Policy. The National Anti-Corrosion Policy will push for lifecycle-based infrastructure planning and encourage the use of corrosion-resistant materials, especially in India's vast coastal regions where stainless steel is a more sustainable, low-maintenance and cost-effective option. It is far more economical to invest in the right materials during construction than to undertake repeated repairs and rebuilds later.
Krishnamurthy pointed out that India's per capita stainless steel consumption is only 3.5 kg, while the global average is 6 to 7 kg. He said that if India were to simply reach the global average, an additional 3 to 4 million tons of production capacity would be required. With the central government's investments in infrastructure, railways, urban development, renewable energy, and manufacturing, stainless steel can play a vital role in building durable and long-term assets and boost large-scale employment and investment. Anita Raghunath, Managing Director of Virgo Communications and Exhibitions (Pvt.) Ltd., said, "Our aim is to promote the use of stainless steel in various sectors, encourage the exchange of new technologies, and create new opportunities for the industry in global markets, including India."
Rajiv Garg, Group Head Marketing and Sales, Jindal Stainless Limited, said that India is today the second largest stainless steel consumer in the world, but per capita consumption is still much lower than the global average. At the same time, increasing imports from China, Vietnam and other countries are putting pressure on the domestic industry. This platform of the industry will enable dialogue with the government on important issues like unfair imports, raw material security, lifecycle based infrastructure planning and sustainable industrial development. At an event organized in Mumbai on the occasion of strategic partnership between Indian Stainless Steel Development Association and Global Stainless Steel Expo, the industry has demanded implementation of a National Stainless Steel Policy.