The Indian Stainless Steel Development Association (ISSDA) has urged the government to establish a distinct policy for the stainless steel industry, its president Rajamani Krishnamurti said during a video conference on Tuesday.
Krishnamurti said the ISSDA has submitted a presentation to the Ministry of Steel advocating for the proposal. “The ministry has shown a positive inclination towards this,” he said, adding that the association has provided two to three drafts for consideration.
Currently, the stainless steel sector is included under the broader domestic steel industry. The ISSDA argues that a separate policy would better address the unique challenges and opportunities of the sector.
In a separate statement, the ISSDA reported an 11% year-on-year increase in India’s stainless steel consumption, rising from 4.02 million tonnes (MT) in the fiscal year 2023 to 4.46 MT in FY24. This figure includes both flat and long stainless steel products.
The country’s per capita stainless steel consumption has also grown significantly, from 2.25 kilograms in FY19 to 3.1 kilograms in FY24.
The ISSDA, India’s apex body for the stainless steel industry, continues to engage with the Ministry of Steel to push the proposal forward.
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