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The stainless steel industry is pushing for protectionist measures to curb the influx of cheap steel imports. Abhyuday Jindal, Managing Director of Jindal Stainless, highlighted that India’s steel production capacity is more than enough to meet domestic demand. He pointed out that countries like the US, Europe, and even regions with limited steel production, such as the Middle East and Canada, are adopting protective policies.
Jindal stressed the importance of shielding India's steel sector from foreign imports, especially substandard materials from countries like China, entering through Vietnam. He lauded the government's actions in safeguarding local interests and ensuring India’s capacity to produce high-quality steel.
India's stainless steel production capacity stands at 7.5 million tonnes, yet current utilization is at just 60%. This highlights significant potential for growth, provided there is a supportive policy framework. Despite this, about 30% of India's consumption still relies on imports, especially from China, Indonesia, Vietnam, and South Korea.
Jindal also called for a National Stainless Steel Policy, similar to the existing National Steel Policy, to better support the sector’s growth. With the right policy environment and a focus on domestic production, India’s stainless steel industry could significantly reduce its dependency on imports.
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