Aug 28, 20232 min read

Tackling Corrosion: The Key to India's USD 5 Trillion Economy Goal

India's economy is growing at an impressive rate, but unchecked corrosion in projects across the country remains a major obstacle. In fact, losses worth USD 110 billion occur every year due to corrosion in India, according to Indian Stainless Steel Development Association (ISSDA). Rajamani Krishnamurti, President of ISSDA, has highlighted the need for dealing with corrosion in order to reach the ambitious goal of a USD 5 trillion economy. He has urged government and industry leaders to focus on corrosion prevention when building infrastructure in the country.

“Corrosion is a serious issue. Corrosion leads to various other problems which weaken infrastructure structures. As a result many projects like foot over bridges at railway stations, road over bridges, real estate projects fail to complete their estimated life cycle. If you calculate losses worth USD 110 billion are happening every year in India” Krishnamurthy said at The First India Steel Expo. “Compared to carbon steel, stainless steel is more ductile, corrosion free, maintenance free, aesthetic and has a longer life” he said.

India has one of the lowest per capita stainless steel consumption rates in the world, with an average of 2.8 kg compared to 6 kg globally. Despite its low rate of consumption, India has a robust stainless steel industry with an installed capacity of 6.5 MT. In 2022-2023, India produced 4MT of stainless steel far below its manufacturing potential.To address this gap between potential and utilisation, measures like countervailing duties or anti-dumping duties must be implemented to curb rising imports from China at predatory pricing, which have eaten up over 33% of domestic demand.

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