India Stainless steel industry requires government support, says Ratan Jindal

Author: Paul Ploumis
14 Jan 2015 Last updated at 06:57:53 GMT
NEW DELHI (Scrap Monster): He stated his comments, during his interaction with the media in Ahmedabad on Monday. He added that, the stainless steel section of the country requires strong support from the government, encouraging the domestic producers by imposing import as well as export restrictions on the semi finished as well as finished stainless steel goods.

In the sector, the financial institution, is expected to have about 30,000 crore of bank exposure. In the recent years, the stainless steel industry has developed more than expected. The commodity is now not only made to use in the kitchens of the country. The material, which is a great alloy is put into use on many numbers of applications. The government is lacking the guidance over the material.

The export of the material from China is increasing day by day. Even though the quantity of the material which are being imported is high, the quality is of lower grade. The price of the imported commodity is lower than the domestic stainless steel, which triggers unwanted as well as unfair competition in the market.