India's stainless steel consumption grows at 4.36% CAGR over 5 years

Source: Steelmint Aug 02, 2024 10:00

Union Minister of State for Steel and Heavy Industries, Bhupathiraju Srinivasa Varma, in a written reply to the Lok Sabha on 30 July, 2024, informed that the consumption of finished stainless steel in India has shown a Compound Annual Growth Rate (CAGR) of 4.36% over the past five years. Steel production decisions are deregulated and made by individual producers based on market demand and commercial factors. The data reflects a growth trend in stainless steel consumption over the specified period.

Govt initiatives for steel sector Since 2014, no subsidies have been provided to the steel sector due to its deregulated nature. However, to foster a supportive policy environment and advance the 'Make in India' initiative, the government has introduced several key measures: Domestically Manufactured Iron & Steel Products (DMI&SP) policy The government

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