Union Minister of state for steel Minister of State for Steel Faggan Singh Kulaste has urged the stainless steel industry to increase production and make India a global manufacturing hub in the coming years. The Minister Mr Kulaste while inaugurating the 30th Anniversary conference of Indian Stainless Steel Development Association said that “At present with total production of 3.74 Million tonnes of stainless steel during the year 2018-19 India is the second largest producer of stainless steel. Presently China is the world’s largest stainless steel producer. Per capita consumption of stainless steel in India has reached 2.5 kg-mark. In 2010, the per capita consumption of steel was 1.2 kg.”
Mr Kulaste added that "Growth rate of stainless steel demand in India is to the tune of 6-7 per cent CAGR, which is also among the highest in the world, as stainless steel demand is directly linked to economic growth. Stainless steel not only has a low life cycle cost, but also improves overall quality of life.”