India faces an annual financial burden of approximately USD 110 billion due to corrosion-related losses across various sectors, according to a statement by the Indian Stainless Steel Development Association (ISSDA). As India strives to achieve its ambitious goal of becoming a USD 5 trillion economy, addressing the challenge of corrosion within projects is of paramount importance, emphasized Rajamani Krishnamurti, the President of ISSDA. ISSDA serves as the apex organization representing the stainless steel industry in India, actively engaging with stakeholders and governmental bodies to pinpoint sector challenges and devise effective solutions.
Krishnamurti emphasized the severity of the corrosion issue, noting that it leads to a cascade of problems that undermine the integrity of infrastructure structures. Consequently, numerous endeavours such as road overbridges, foot over bridges at railway stations, and real estate projects fail to realize their intended lifecycle. “A staggering annual loss of USD 110 billion can be attributed to corrosion in India,” Krishnamurti revealed during his address at the inaugural India Stainless Steel Expo (ISSE).
In contrast to carbon steel, stainless steel exhibits superior qualities, including ductility, corrosion resistance, minimal maintenance requirements, aesthetic appeal, and an extended lifespan, Krishnamurti emphasized. Despite these advantages, India’s per capita stainless steel consumption stands at 2.8 kg, significantly below the global average of 6 kg. The installed stainless steel capacity in India is 6.5 million tonnes (MT), with a production of 4 MT recorded for the fiscal year 2022-23.
Highlighting the pressing concern of import dumping in India, Krishnamurti stressed the industry’s call for government intervention to curb rising imports and the potential imposition of countervailing duty (CVD) or antidumping duty (ADD) on such imports. The industry has witnessed a significant reduction in its capacity utilization due to extensive dumping from China at predatory prices, which has accounted for over 33 percent of domestic demand being absorbed, Krishnamurti cautioned.