Industry Calls for National Stainless Steel Policy and Anti-Corrosion Mission to Curb Annual Corrosion Losses of ₹12 Lakh Crore

01 July 2026

Mumbai, July 1: Facing annual economic losses of nearly ₹12 lakh crore due to corrosion, rising imports, and underutilised manufacturing capacity, India's stainless steel industry on Tuesday urged the Central Government to introduce a National Stainless Steel Policy and a National Anti-Corrosion Mission to strengthen domestic manufacturing, secure the supply of critical raw materials, and accelerate the adoption of corrosion-resistant materials in infrastructure projects.

The demand was made during the announcement of a strategic partnership between the Indian Stainless Steel Development Association (ISSDA) and the Global Stainless Steel Expo (GSSE), organised by Virgo Communications and Exhibitions Pvt. Ltd. Industry leaders said India has an installed stainless steel production capacity of around 7.5 million tonnes, but operates at only 60 to 65 per cent capacity utilisation, while nearly 25 to 28 per cent of domestic demand continues to be met through imports, predominantly from China.

Speaking at the event, ISSDA President Rajamani Krishnamurti said India possesses the manufacturing capability and technical expertise to emerge as a global stainless steel powerhouse but requires a dedicated policy framework to unlock its full potential. He said the industry currently faces two major challenges: cheap imports and the absence of a separate policy for stainless steel. According to him, stainless steel continues to be treated under the broader steel category despite having distinct manufacturing processes, raw material requirements, and end-use applications. He stressed that a dedicated National Stainless Steel Policy is essential to ensure raw material security, encourage investment, and position India as a leading global producer of value-added stainless steel.

Krishnamurti noted that India's per capita stainless steel consumption stands at only 3.5 kg, nearly half the global average of 6 to 7 kg, indicating significant growth potential. He said bridging this consumption gap alone would require an additional three to four million tonnes of production capacity. With the government's continued focus on infrastructure, railways, urban development, renewable energy, and manufacturing, he said stainless steel could play a transformative role in creating durable and sustainable infrastructure while generating employment and attracting investments.

Highlighting corrosion as a major economic burden, Krishnamurti said India loses nearly 4 per cent of its GDP, estimated at around ₹12 lakh crore annually, due to corrosion-related damage to public infrastructure, transportation networks, industrial assets, and utilities. He said much of this loss could be prevented through better planning and the wider adoption of corrosion-resistant materials. According to him, a National Anti-Corrosion Mission would promote lifecycle-based infrastructure planning, particularly in India's extensive coastal regions, where stainless steel offers longer service life and significantly lower maintenance costs. He added that investing in durable materials during the construction stage is far more economical than repeatedly repairing or replacing damaged infrastructure.

Krishnamurti further said stainless steel is increasingly becoming the preferred material for sectors such as green hydrogen, ethanol, water infrastructure, ports, bridges, coastal construction, and specialised engineering applications, making it strategically important for India's long-term industrial growth and sustainability goals.

Anitha Raghunath, Managing Director of Virgo Communications and Exhibitions Pvt. Ltd., said the collaboration between ISSDA and GSSE would strengthen the industry's collective efforts by combining technical expertise with a global business platform. She said the partnership would bring together manufacturers, users, technology providers, and policymakers to promote wider adoption of stainless steel, encourage knowledge sharing, and create new opportunities for industry growth in India and overseas.

Rajeev Garg, Group Head – Marketing and Sales at Jindal Stainless Limited, said the partnership comes at a crucial time when the domestic industry needs a stronger collective voice to address policy issues and safeguard investments. He noted that although India is already the world's second-largest consumer of stainless steel, its per capita consumption remains significantly below the global average, while increasing imports from countries such as China and Vietnam continue to put pressure on domestic manufacturers.

Garg added that although stainless steel accounts for only a small share of India's overall steel production by volume, it contributes significantly through value addition, sustainability, durability, and lifecycle cost savings. He said the sector therefore deserves greater recognition in the country's industrial policy.

The strategic partnership between ISSDA and GSSE will focus on strengthening policy dialogue, promoting global best practices, expanding the domestic application of stainless steel, facilitating international collaborations, and creating a comprehensive knowledge-sharing platform during the fourth edition of the Global Stainless Steel Expo. Industry leaders expressed confidence that the initiative would accelerate the adoption of stainless steel across infrastructure, construction, mobility, energy, and manufacturing sectors while supporting India's ambition to become a global hub for advanced stainless steel production.