India's Stainless Steel Industry Seeks Dedicated Policy Framework to Cut ₹12 Lakh Crore Annual Corrosion Losses

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.