(MENAFN- KNN India) New Delhi, Jun 5 (KNN) India's stainless steel industry has renewed calls for a dedicated National Stainless Steel Policy to harness its full potential and ensure long-term sustainability.

Industry leaders voiced their concerns and expectations at the ongoing Global Stainless Steel Expo 2025 (GSSE 2025) in Mumbai.

Rajamani Krishnamurti, President of the Indian Stainless Steel Development Association (ISSDA), highlighted that India's stainless steel consumption reached 4.8 million tonnes in FY25, marking 8 per cent annual growth.

Yet, nearly 30 per cent of this demand is still fulfilled by imports, leaving domestic capacity underutilised.

Krishnamurti urged policymakers to provide a level-playing field for local manufacturers, cautioning against unfairly priced imports from countries like China and Vietnam.

“A comprehensive national policy is essential to promote Make in India, safeguard MSMEs, and strengthen innovation and competitiveness,” he said.

Jindal Stainless Chairman Ratan Jindal emphasised stainless steel's expanding role across critical sectors such as nuclear energy, medical technology, renewable energy, and transportation.

He proposed a three-point strategy: scaling production, boosting R&D and digitalisation, and implementing trade remedial measures to support domestic manufacturers.

With consumption expected to hit 20 million tonnes by 2047, stakeholders are pushing for policy support that ensures raw material security and encourages green manufacturing.

GSSE convenor Anitha Raghunath noted India's USD 22.4 billion stainless steel market is fast evolving, serving as a foundation for cross-sector innovation in EVs, aerospace, and the blue economy.

The government's coastal development push, alongside the rise of logistics, hydrogen, and process industries, is further driving stainless steel demand. ISSDA estimates consumption could reach 12.5–12.7 MT by FY2040.

As India stands as the world's second-largest consumer and third-largest producer of stainless steel, a national policy could be key to securing global leadership in the sector.

(KNN Bureau)

MENAFN05062025000155011030ID1109642427