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.