by Suman Gupta
Mumbai, July 01 : Facing annual economic losses of nearly ₹12 lakh crore due to corrosion, rising imports and underutilised manufacturing capacity, India’s stainless steel industry on Tuesday urged the Centre to introduce a National Stainless Steel Policy and a National Anti-Corrosion Policy to strengthen domestic manufacturing, secure critical raw materials and accelerate the adoption of corrosion-resistant materials in infrastructure.
The demand was raised during the announcement of a strategic partnership between the Indian Stainless Steel Development Association (ISSDA) and the Global Stainless Steel Expo (GSSE), organised by Virgo Communications and Exhibitions (P) Ltd. Industry leaders said India has an installed stainless steel production capacity of around 7.5 million tonnes, but operates at only 60-65 per cent capacity utilisation, while 25-28 per cent of domestic demand continues to be met through imports, predominantly from China.
Speaking at the event, Rajamani Krishnamurti, President, ISSDA, said India has the manufacturing capability and technical expertise to emerge as a global stainless steel powerhouse but requires policy support to unlock its full potential, “The stainless steel industry today faces two major challenge, cheap imports and the absence of a dedicated policy framework. Stainless steel continues to be treated under the broader steel category despite having distinct manufacturing processes, raw material requirements and end-use applications. A separate National Stainless Steel Policy is essential to ensure raw material security, encourage investments and enable India to become a leading global producer of value-added stainless steel,” he said.
Krishnamurti said India consumes only 3.5 kg of stainless steel per capita, nearly half the global average of 6-7 kg, indicating significant headroom for growth, “Bridging this consumption gap alone would require an additional three to four million tonnes of production capacity. With the government’s continued focus on infrastructure, railways, urban development, renewable energy and manufacturing, stainless steel can play a transformative role in building durable, sustainable assets while generating employment and investments,” he said.
Highlighting corrosion as a silent economic burden, Krishnamurti said India loses nearly 4 per cent of its GDP, estimated at around ₹12 lakh crore annually, due to corrosion-related damage across public infrastructure, transportation, industrial assets and utilities, “Much of this loss is avoidable. A National Anti-Corrosion Policy will encourage lifecycle-based infrastructure planning and the adoption of corrosion-resistant materials, particularly in India’s vast coastal regions where stainless steel offers significantly longer service life and lower maintenance costs. Investing in the right material at the construction stage is far more economical than repeatedly replacing damaged infrastructure,” he added.
Krishnamurti further said stainless steel is emerging as the preferred material for sectors such as green hydrogen, ethanol, water infrastructure, ports, bridges, coastal construction and specialised engineering applications, making it strategically important for India’s long-term industrial and sustainability goals.
Anitha Raghunath, Managing Director, Virgo Communications and Exhibitions (P) Ltd., said the collaboration between ISSDA and GSSE would strengthen the industry’s collective efforts by combining technical expertise with a global business platform, “ISSDA brings the knowledge, technical expertise and industry leadership, while GSSE provides the platform to connect manufacturers, users, technology providers and policymakers. Together, we aim to promote wider adoption of stainless steel across sectors, encourage knowledge sharing and create new opportunities for industry growth in India and overseas,” she said.
Rajeev Garg, Group Head – Marketing & Sales, Jindal Stainless Limited, said the partnership comes at a crucial time when the domestic industry requires a stronger collective voice to address policy issues and protect investments.”India is already the world’s second-largest consumer of stainless steel, but our per capita consumption remains significantly below the global average. At the same time, rising imports from countries such as China, Vietnam and others continue to put pressure on domestic manufacturers. A platform like this will enable the industry to engage more effectively with policymakers on issues such as unfair imports, raw material security, lifecycle-based infrastructure planning and sustainable industrial growth,” Garg said.
Garg added that although stainless steel accounts for only a small share of India’s overall steel production by volume, it contributes significantly in terms of value addition, sustainability, durability and lifecycle savings, warranting greater policy recognition.
The strategic partnership between ISSDA and GSSE will focus on strengthening policy dialogue, promoting best global practices, expanding domestic applications of stainless steel, facilitating international collaborations and curating a comprehensive knowledge-sharing platform during the fourth edition of the Global Stainless Steel Expo. Industry leaders expressed confidence that the collaboration would help accelerate stainless steel adoption across infrastructure, construction, mobility, energy and manufacturing sectors while supporting India’s ambition to become a global hub for advanced stainless steel production
