Stainless Steel Surge: ISSDA's Call for Dedicated Policy

The Indian Stainless Steel Development Association (ISSDA) has requested a dedicated government policy for the stainless steel industry, noting significant consumption growth. ISSDA's advocacy includes several proposals and presentations to the Ministry of Steel, highlighting the sector's increasing domestic consumption and distinguishing it from the broader steel industry.

The Indian Stainless Steel Development Association (ISSDA) is calling on the government to establish a dedicated policy for the stainless steel sector. During a recent video conference, ISSDA President Rajamani Krishnamurti emphasized the association's ongoing discussions with the Ministry of Steel regarding this proposal.

Krishnamurti revealed that ISSDA has already submitted a detailed presentation to the government, which has been met with a positive response. The ministry is reportedly open to considering a separate policy for the stainless steel industry. ISSDA has provided between two to three draft proposals outlining the specifics of this policy.

In related developments, ISSDA noted a significant increase in the country's consumption of stainless steel, which rose from 4.02 million tonnes (MT) in FY23 to 4.46 MT in FY24, marking an 11% growth year-on-year. The per capita consumption has also seen an upward trend, underscoring the stainless steel sector's rising prominence within the Indian economy.

(With inputs from agencies.)