The Indian Stainless Steel Development Association (ISSDA) has reported that India’s stainless steel consumption reached a provisional 4.85 million tonnes in FY25, marking a healthy 8% growth over FY24. The announcement was made on the sidelines of the Global Stainless Steel Expo (GSSE) held today.
Despite global macroeconomic and political uncertainties, India’s stainless steel market remains one of the fastest-growing worldwide, with strong prospects for further expansion.
Highlighting this momentum, ISSDA President Rajamani Krishnamurti said, “As the world moves toward sustainable and resilient infrastructure, stainless steel is becoming increasingly important. However, unfairly priced imports, especially from countries like China and Vietnam, continue to pose challenges for Indian manufacturers.”
He stressed the need for close monitoring of import trends and proactive government action to safeguard the domestic industry and jobs. “We are committed to working with the government and industry partners to ensure long-term growth and a level playing field for the stainless steel sector,” he added.
India’s installed stainless steel production capacity currently stands at 7.5 million tonnes, with utilisation around 60%, signalling ample room for growth if supported by the right policy environment and steady demand.
Ratan Jindal, Chairman of Jindal Stainless, reinforced this message, stating, “If India aims to become a global manufacturing powerhouse, stainless steel must be one of its strongest pillars.”
He outlined a three-pronged strategy to strengthen the sector:
- Scaling capacity to meet growing demand
- Building capability through investment in R&D, digitalisation, academic partnerships, and sustainable manufacturing
- Ensuring fair trade by introducing safeguards against subsidised imports from China, often rerouted through ASEAN countries like Vietnam
Jindal also called for the creation of a dedicated National Stainless Steel Policy to provide raw material security, foster long-term growth, and ensure MSMEs benefit fully from the expanding ecosystem.
India’s stainless steel industry has made significant advancements in both capacity and capability, playing a vital role in national development and supporting the country’s Atmanirbhar Bharat and Viksit Bharat 2047 goals.
In FY25, domestic demand surged, driven by government initiatives such as Make in India, and by new and expanding applications of stainless steel. The government’s focus on promoting stainless steel usage along India’s 11,000 km coastline is encouraging the replacement of conventional materials in coastal and maritime infrastructure.
Meanwhile, the logistics sector is adopting more stainless steel in electric vehicles, trailers, and containers, and emerging sectors like process industries, hydrogen, and nuclear energy are opening new avenues for growth.
Looking ahead, with India targeting a $40 trillion economy by 2047, ISSDA forecasts stainless steel consumption to rise to 12.5–12.7 million tonnes by FY2040 and 19–20 million tonnes by FY2047, driven by its increasing use in green energy, ethanol production, water storage, defence, and aerospace.
