The Indian government will release a National Stainless Steel Policy early next year, industry and government officials said on Friday, November 24.
They said that the work on framing the policy is in the final stages and, once approved by the ministry of steel and subsequently by India’s cabinet of ministers, it is likely to be unveiled early in 2024.
“We are constantly in talks with the government in finalizing the contours of such a policy and we expect all work to be completed in December for release in 2024,” Jindal Stainless Limited managing director Abhyuday Jindal said.
According to government officials, the policy will lay down medium-term and long-term goals for the domestic stainless steel industry. In the medium term, the domestic stainless steel production target is expected to be set at 10 million mt per year, from 6.6 million mt per year.
In the longer term, the target will be to achieve domestic stainless steel production at a level of 10 percent of total steel production, government officials said.
“The challenge facing companies now is this dumping happening from China. It is increasing unchecked every month and is hurting the whole industry. More than big players, the micro, medium and small enterprises (MSMEs) are getting hurt. China is basically selling for less than the price in India and the price in China,” Mr. Jindal said.
