India’s stainless steel industry has called for a National Stainless Steel Policy to unlock its full potential in manufacturing, innovation, and global competitiveness.
“India’s stainless steel consumption reached 4.8 million tonnes in FY25, registering an 8% year-on-year growth. Yet, nearly 30% of this is still met by imports, while domestic capacity remains underutilised,” Rajamani Krishnamurti, president of the Indian Stainless Steel Development Association (ISSDA) said, addressing delegates at the Global Stainless Steel Expo 2025 (GSSE 2025) currently underway in Mumbai.
“For the stainless steel industry to reach its true potential, we need a policy framework that boosts confidence, supports Make in India, and ensures long-term sustainability and competitiveness,” he stressed. “We are reaffirming our call for a level-playing field, urging policymakers to proactively safeguard the sector while promoting innovation,” he said.
“As the world paces towards sustainability and resilient infrastructure, stainless steel’s relevance is only growing. However, the influx of unfairly priced imports continues to challenge domestic manufacturers,” he highlighted.
He said ISSDA had consistently cautioned against these risks, emphasising that unchecked trade diversions, particularly from nations like China and Vietnam, could undermine domestic manufacturing and employment in the sector.
“To safeguard the interests of the Indian stainless steel industry, both the government and industry stakeholders must remain vigilant, closely monitor import trends, and proactively implement necessary safeguard measures,” he said.
Emphasising that stainless steel is no longer just about kitchens, Ratan Jindal, Chairman of Jindal Stainless said its now powering India’s future in nuclear, medical, renewable, and transport sectors.
“With consumption projected to cross 20 million tonnes by 2047 and likely more, we must continue to develop the stainless steel ecosystem through a three-pronged strategy,” Mr. Jindal said.
“First, we must continue to scale our capacity to meet the growing demand. Second, we must strengthen our capability by investing in research, integrating digitalisation in every link of the value chain, increasing industry-academia partnerships, and promoting sustainable manufacturing practices,” he said. “Third, we must work with the government to maintain a level playing field, particularly for MSMEs, by introducing trade remedial measures that prevent the influx of subsidised imports from China, circumvented through other ASEAN countries like Vietnam,” he added.
To secure the success of our strategy and the future of our industry, there was an immediate need for a dedicated National Stainless Steel Policy that would deliver raw material security, drive long-term growth, and make resources accessible to every member of the ecosystem, especially MSMEs, he emphasised. India to become a global manufacturing giant, must invest not just in capacity but in capability, through R&D, innovation, and green manufacturing, he stated.
With India now the second-largest consumer and third-largest producer of stainless steel, industry leaders urged the government to frame a dedicated national policy, one that embeds stainless steel across key missions like infrastructure, defence, space, and urban development.
Anitha Raghunath, convenor of GSSE and Director at Virgo Communications said, “With a market worth $22.4 billion and growing fast, India’s stainless steel industry is on an unstoppable rise.”
“GSSE 2025 is the launchpad for cross-sector innovation, from EVs and aerospace to renewables and defence. This is where the future of stainless steel is being shaped, powering everything from the blue economy to Digital India,” she added.
The government’s emphasis on promoting stainless steel along the country’s 11,000-km coastline is enhancing market awareness and promoting the substitution of conventional materials in coastal and maritime infrastructure, industry officials said.
The logistics sector was also driving growth, with increased adoption of stainless steel in electric vehicles, trailers, and containers, they added.
Besides sectors such as process industries, hydrogen, and nuclear energy have demonstrated substantial growth potential, presenting new avenues for stainless steel applications.
ISSDA projects stainless steel consumption to rise to 12.5–12.7 MT by FY2040 and 19–20 MT by FY2047, aided by expanding applications in green energy, ethanol, water storage, defence, and aerospace.
Published – June 04, 2025 07:39 pm IST