Ratan Jindal, Chairman of Jindal Stainless, emphasized the growing challenges posed by rising imports from countries like China and Vietnam, particularly to India's stainless steel sector. Speaking at the Global Stainless Steel Summit (2025) in Mumbai, Jindal urged the government to impose necessary duties on these imports to protect domestic manufacturers, particularly MSMEs, and safeguard local employment. With India’s stainless steel industry facing significant pressure from cheap foreign imports, Jindal advocated for a policy environment that promotes domestic manufacturing and sustains the "Make in India" initiative, crucial for the future growth of the sector.
Rising Imports and Their Impact on India’s Stainless Steel Sector
Ratan Jindal, the Chairman of Jindal Stainless, voiced concerns over the influx of low-priced stainless steel imports from countries like China and Vietnam. These imports, Jindal argues, are damaging to India's domestic industry and particularly harmful to Micro, Small, and Medium Enterprises (MSMEs). Speaking at the Global Stainless Steel Summit (2025) in Mumbai, Jindal appealed to the Indian government to take decisive action, including imposing import duties, to protect the livelihoods of millions of workers and manufacturers in the country.
The domestic stainless steel industry is grappling with fierce competition from nations that have excess production capacities. Jindal pointed out that these countries are diverting their surplus production into India, often through countries with favorable trade agreements, such as Vietnam. As a result, the domestic sector, especially MSMEs, is struggling to maintain a level playing field, as cheap imports are undermining the viability of local businesses.
Disruption in the Market: A Threat to MSMEs
Jindal's remarks were a pointed call to action regarding the wider ramifications of this influx of cheap stainless steel. According to the industry leader, it is not just the stainless steel sector that is being adversely affected; other Indian industries such as textiles, electronics, and machinery have also suffered due to aggressive export policies from countries like China and Vietnam. These foreign policies disrupt the stability of domestic markets and endanger the livelihoods of millions of workers across diverse sectors.
The unregulated imports not only strain the financial health of Indian manufacturers but also pose a threat to the broader "Make in India" initiative, which is central to the government's efforts to bolster domestic manufacturing and reduce reliance on foreign products.
India's Untapped Potential in Stainless Steel Production
Despite facing challenges from imported steel, India’s domestic stainless steel industry holds substantial growth potential. According to Jindal, India’s installed capacity for stainless steel currently stands at 7.5 million tonnes (MT), with utilization rates hovering around 60 percent. This indicates that there is considerable room to scale up production, should the right policy environment and demand momentum be sustained.
However, Jindal cautioned that future investments in the industry could be hampered if the government does not act decisively to protect the interests of domestic manufacturers. With a significant portion of the consumption still being met through imports—around 30 percent—India's stainless steel sector remains at a competitive disadvantage. Jindal warned that without a proactive approach to curbing the impact of cheap imports, the industry’s growth trajectory could stagnate.
The Need for a Dedicated Policy for Stainless Steel
In light of the ongoing challenges, Jindal called for the creation of a separate, industry-specific policy that would safeguard the interests of India’s stainless steel sector. He emphasized that for the industry to thrive and claim a dominant position in the global market, the government must prioritize domestic manufacturing. A consistent, long-term policy environment that favors "Make in India" will be essential for ensuring the success of the sector in the years to come.
Jindal also underscored the importance of creating a more supportive ecosystem for manufacturers, especially smaller players in the MSME sector, who are most vulnerable to the adverse effects of international trade practices. He added that government interventions, such as import duties and trade remedy investigations, would be key to ensuring a fair and competitive market for all.
Industry Steps Towards Remedying the Situation
To tackle the issue of unfair trade practices, the Indian Stainless Steel Development Association (ISSDA), under the leadership of Jindal Stainless, has decided to take formal action. ISSDA will file an application with the Directorate General of Trade Remedies (DGTR) this month, seeking an investigation into the alleged dumping of stainless steel items into the Indian market from select countries. The goal is to initiate an inquiry that could potentially lead to the imposition of anti-dumping duties on these imports, providing much-needed relief to the domestic industry.
Growing Import Trends: An Urgent Call for Action
India’s imports of stainless steel have surged significantly, with the country importing 1.73 million tonnes of stainless steel in FY25. Major contributors to this import surge include China, Indonesia, Vietnam, and South Korea. According to BigMint, a market research firm, these imports are placing increased pressure on the Indian market, particularly in the context of an already underutilized domestic manufacturing capacity.
The rise in imports underscores the need for urgent action from the Indian government. Without protectionist measures such as duties on low-priced imports, the country’s manufacturing base—especially MSMEs—may continue to suffer, resulting in a loss of jobs, growth opportunities, and national competitiveness.
Conclusion: A Critical Moment for India’s Steel Industry
The challenges facing India’s stainless steel sector are clear, and Ratan Jindal’s call for governmental intervention resonates with the broader concerns of industry leaders. To ensure the sustainable growth of the sector and protect the livelihoods of millions of workers, the Indian government must consider policy reforms that shield domestic manufacturers from the adverse effects of unchecked imports.
Jindal’s message at the Global Stainless Steel Summit serves as both a warning and a call to action. If India is to realize its full potential as a global leader in stainless steel production, it must first secure a favorable and protective environment for its industries. This will require a concerted effort from both industry players and the government to ensure that “Make in India” becomes a reality in the country’s stainless steel sector.
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