India’s Steel Ministy’s Additional Secretary Ms Rasika Chaube launched Stainless Steel Vision Document 2047 at Global Stainless-Steel Expo 2022 in Mumbai. According to the Vision Document 2047, stainless steel demand in India is expected to witness a volume growth of 19.5-21% to reach 3.7-3.9 million tonne by fiscal 2022 supported by a low base, a stable macroeconomic environment and normalised government spending.. The report said that it expects stainless demand to register a compound annual growth rate of 6.6-7.5% over fiscals 2022-2025 and reach 4.6-4.8 million tonne.. Thus, the consumption is expected to reach 12.5-12.7 million tonne & 19-20 million tonne by fiscal years 2040 and 2047 respectively.As per document, as of March 2022, India's installed stainless steel capacity is at 6.6-6.8 million tonne. The capacity utilisation is estimated to have improved from 50% in 2021 fiscal year to 58-60% in 2022The report further said India needs to develop enough capacities while improving the utilisation to meet the estimated demand.
India’s Steel Ministy’s Additional Secretary Ms Rasika Chaube launched Stainless Steel Vision Document 2047 at Global Stainless-Steel Expo 2022 in Mumbai. According to the Vision Document 2047, stainless steel demand in India is expected to witness a volume growth of 19.5-21% to reach 3.7-3.9 million tonne by fiscal 2022 supported by a low base, a stable macroeconomic environment and normalised government spending.. The report said that it expects stainless demand to register a compound annual growth rate of 6.6-7.5% over fiscals 2022-2025 and reach 4.6-4.8 million tonne.. Thus, the consumption is expected to reach 12.5-12.7 million tonne & 19-20 million tonne by fiscal years 2040 and 2047 respectively.As per document, as of March 2022, India's installed stainless steel capacity is at 6.6-6.8 million tonne. The capacity utilisation is estimated to have improved from 50% in 2021 fiscal year to 58-60% in 2022The report further said India needs to develop enough capacities while improving the utilisation to meet the estimated demand.
