The policy will be announced early next year, once it has been approved by the Ministry of Steel and received a passing grade by the Indian government.
Abhyuday Jindal, General Manager of Jindal Stainless Limited, mentioned ongoing discussions with the government to clarify the details of the policy and stated that they expect the studies to be completed in December and presented in 2024.
The policy aims to set medium-term and long-term targets for the domestic stainless steel industry. In the medium term, the domestic stainless steel production target is to increase from 6.6 million metric tons to 10 million metric tons per year. In the long term, authorities aim to increase domestic stainless steel production to 10 percent of total steel production.
Addressing the current challenges, industry leaders emphasized that uncontrolled imports, especially from China, negatively impact medium and small enterprises. China's selling below Indian market prices poses a significant challenge for the industry.
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