Investments in corrosion-resistant metals is crucial for sustainability of infrastructure projects in India, Jindal Stainless Ltd.'s Managing Director Abhyuday Jindal said Friday and stated that it causes economic losses of nearly 4% of GDP annually.
The industrialist made the remarks at 'Viksit Bharat: India@2047 through Prism of Steel Sector' session organised by industry body Indian Chamber of Commerce in the national capital.
Corrosion poses a significant threat to sustainability leading to structural degradation, higher maintenance costs, and shorter material lifespan. It causes global economic losses of nearly 4% of GDP annually, equivalent to erasing an economy the size of Germany, Jindal said addressing the gathering which included senior government officials and industry stakeholders.
"With a 7,500 km coastline in India, investing in corrosion-resistant metal is crucial to ensuring long-term sustainability, reducing economic losses, and safeguarding public infrastructure," he said.
In India, corrosion's impact is significant, similar to the government's approximately Rs 12-lakh-crore infrastructure budget, Jindal said.
Usage of stainless steel can play a crucial role to tackle these issues due to its corrosion resistance properties with low lifecycle cost, he said.
He also requested the government for a dedicated National Stainless Steel Policy as it has separate concerns with respect to the steel industry.
Speaking further Jindal said for the last three years, the steel industry has experienced the fastest period of growth since the global financial crisis. In FY25, the industry is expected to grow by more than 11% over FY24.
The growth in demand and capacity is linked to immense opportunities for the steel sector, including the advancement of industries like construction and infrastructure, auto, railways and transport, capital goods and process industry, and durables, he said.
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