Per capita consumption of stainless steel in India has touched a new peak of 2.5 kg in 2019, against 1.2 kg per capita in 2010, registering an increase of over 100% in a period of just eight years. This milestone achievement was announced during the inaugural session of the 30th foundation anniversary celebration of the Indian Stainless Steel Development Association (ISSDA), attended by Minister of State, Ministry of Steel, Faggan Singh Kulaste. Henceforth, India ranks among top 15 countries in the world in terms of per capita consumption of stainless steel. This was accomplished through collaborative efforts of the domestic stainless steel industry led by ISSDA, along with the pro-industry policy initiatives of the Ministry of Steel. Stainless steel demand in diversified applications such as Architecture, Building & Construction (ABC), Automobile, Railways & Transport (ART), Process Industries and White Goods, apart from conventional use in kitchenware and utensils, led to this increase. Lauding this milepost, Minister of State, Ministry of Steel, Faggan Singh Kulaste added, “Growth rate of stainless steel demand in India is to the tune of 6-7% CAGR, which is also amongst the highest in the world, as stainless steel demand is directly linked to the economic growth. Stainless steel not only has a low life cycle cost, but improves overall quality of life. I compliment the industry for this achievement and assure support for future growth of the industry”.
Asserting the role of ISSDA in this achievement, President, ISSDA, K K Pahuja, said, “As the torchbearer for the Indian stainless-steel industry, ISSDA has been promoting new stainless steel applications across the spectrum of industries since its inception. With the achievement of 2.5 kg/capita consumption level in short span of time, India has reached an inflexion point and entered in the league of countries of where stainless-steel consumption is recorded on the higher side. India is now the fastest growing market for stainless steel. ISSDA expresses its gratitude to the domestic industry and the Government for their continued support.”
Rasika Chaube, Additional Secretary, Ministry of Steel; Anant Kumar, Additional Director General, CPWD; Dr Mukesh Kumar, Director SRTMI; Chairman and Managing Director, Jindal Stainless Ltd, Mr Rattan Jindal, and other industry leaders were also present on this occasion.
President, ISSDA, K K Pahuja, said, “As the torchbearer for the Indian stainless-steel industry, ISSDA has been promoting new stainless steel applications across the spectrum of industries since its inception."