‘India’s stainless steel industry set for robust growth amidst rising imports from China’

According to recent data, global steel production in the first 5 months of the year was marginally lower, down by one per cent compared to the same period last year. Weak demand from the manufacturing and construction sectors in advanced nations is putting pressure on major steel producers worldwide. However, the picture is entirely different for India, where steel growth witnessed a 3.2 per cent year-on-year increase during the same period.To explore the factors driving India’s steel demand and growth, Mr. Rajesh Mohota, CEO and Executive Director of Jindal Lifestyle Ltd., joins the podcast with Subramani Ra Mancombu. Mohota predicts a promising future for India’s steel industry, anticipating a sustained growth rate of 9 per cent to early double digits until 2025. This growth is expected to be driven by infrastructure projects, planned capital expenditures, and India’s inherent natural growth rate of 6 per cent to 7 per cent.Despite India’s promising prospects, the podcast highlights a potential threat from China. Imports from China, along with Indonesia and Vietnam, are flooding the Indian market with products sold at significantly lower prices than domestically produced steel. Mohota raises concerns about the impact of these cheap Chinese imports on India’s stainless steel industry, affecting both the market dynamics and product quality.Mohota said that Jindal Lifestyle Ltd. is responding to the challenge by collaborating with European and American companies to acquire technical know-how and develop superior quality products to replace Chinese imports. The company’s initiatives are receiving a positive response, with many customers seeking “China plus one” alternatives to diversify their supply chains.Furthermore, Jindal Lifestyle Ltd. is targeting new sectors for stainless steel applications. By promoting stainless steel as an eco-friendly and sustainable alternative, the company is replacing plastic products, including utensils and packaging solutions, to reduce carbon footprints and contribute to environmental protection.Additionally, the podcast explores the use of stainless steel in railway applications. While supplying stainless steel outer shell bodies for railway coaches, Jindal Lifestyle Ltd. proposes stainless steel wagons to further reduce weight and enhance energy efficiency. The company is hopeful that railway authorities will recognize the benefits of stainless steel and increase their demand in the coming years.Listen in to the State of the Economy Podcast for an in-depth discussion on the growth trajectory of India’s stainless steel industry and the strategies being implemented to overcome challenges and seize opportunities in the global market.(Host: Subramani Ra Mancombu, Producer: Jayapriyanka J)About the State of the Economy podcastIndia’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups