The Indian Stainless Steel Development Association (ISSDA) is intensifying efforts to secure a distinct policy framework for the stainless steel industry, calling for dedicated government action to promote the sector’s growth. With an eye on improving policy interventions and facilitating growth, ISSDA has submitted a proposal to the Ministry of Steel, seeking a separate and more focused approach for the stainless steel domain.
Rajamani Krishnamurti, President of ISSDA, revealed that the association has already presented several drafts to the ministry, which has shown a positive inclination toward the proposal. During a recent video conference, he expressed confidence that the government will take the necessary steps to formulate a policy specific to the stainless steel industry, addressing the unique challenges and potential it holds for India’s economic landscape. Currently, stainless steel is considered part of the broader domestic steel sector, which groups various types of steel production under one policy. However, ISSDA’s call for a distinct policy stems from the sector’s growing importance and distinct dynamics, which warrant tailored interventions and support.
The stainless steel industry in India has been witnessing robust growth, reflected in the increase in consumption over recent years. The consumption of stainless steel in India surged from 4.02 million tonnes (MT) in FY23 to 4.46 MT in FY24, marking an impressive growth of approximately 11 per cent year-on-year. The per capita consumption has similarly risen, climbing from 2.25 kilograms (kg) in FY19 to 3.1 kg in FY24. This growth highlights the rising demand for stainless steel across sectors such as construction, automotive, and consumer goods, which underscores the need for more focused government attention.
ISSDA’s push for a dedicated policy is a strategic move to ensure that the sector receives the necessary infrastructure support, market access, and fiscal measures to continue expanding. Industry leaders believe that such a policy could propel India’s standing as a global leader in stainless steel production and consumption, benefiting a range of industries and creating jobs. The proposal is now being closely followed by key policymakers, with the Ministry of Steel indicating a readiness to engage in further discussions.
