According to the Indian Stainless Steel Development Association (ISSDA), India’s stainless steel consumption in the fiscal year 2023 grew nearly 10% year on year, reaching 4 million tons.

Due to the increased demand in some industries, such as processing sectors, railways, architecture, building, and construction, India's per capita stainless steel consumption rose to 2.8 kg from 2.5 kg.

India’s stainless steel industry urges the government to address concerns over import and export regulations for the growth in this sector. Faggan Singh Kulaste, the Minister of State for Rural Development and Steel, said the government is now striving for stainless steel's recyclability for its sustainable development.

Besides, Nagendra Nath Sinha, Secretary of the Steel Ministry, also said that the government has greatly developed the infrastructure field, which will potentially support the stainless steel industry.