The Indian Stainless-Steel industry has now grown to be the second largest in the world, next only to China. India is now the fastest growing stainless steel market in the world. However, Indian per capita consumption of stainless steel is 2 kg against the world average of 6 kg therefore, there is a huge potential for growth. The Indian Stainless Steel industry expects to grow at about 8 to 9% and achievement production of about 5.5 MTPA by 2022 from its present level of about 3.5MTPA. Positive policy support from Make in India and investment in infrastructure, smart cities and railways is expected to provide impetus for further growth.
Global stainless-steel producers have been targeting the growing Indian market since most of them face a slowdown in their own countries. The Indian Stainless Steel Industry has, therefore, been asking for a level playing field from the Government to improve its output. In this context, Indian Stainless Steel Development Association (ISSDA), the apex industry body, has appealed for custom duty relief on key raw materials such as ferro-nickel and stainless steel.