Jindal Stainless Ltd. (JSL), India’s largest stainless steel manufacturer said it will lead in mitigating corrosion by promoting the use of stainless steel to build sustainable infrastructure in the country.
Claiming that 4% of the GDP gets “wasted through corrosion”, a top company official said even 25% reduction in corrosion would be a huge saving.
“As per research, and experts present here, about 4% of the GDP gets eroded because of corrosion in India every year,” said Vijay Sharma, Director, JSL said on the sidelines of International Summit on Corrosion Technology and Management (CORTEM) 2024, a global event organised by the Confederation of Indian Industry (CII) in Mumbai. “This is equivalent to about ₹12 lakh crore,” he added.
CORTEM is a part of CII’s ‘National Mission on War against Corrosion’ unveiled last year.
The summit emphasised the importance of corrosion prevention and control for sustainable development.
“Can corrosion be reduced by finding the right sustainable solution? Yes, Stainless steel is a viable solution. Around 25% or so can be saved by adopting various methods,” Mr. Sharma said.
“Jindal Stainless is sensitive towards this. We have got into an MoU with the CII. We have created seven task forces to look into every aspect of corrosion reduction,” he added.
This MoU is to train, build capacity, and develop skills, supported by governmental bodies and educational institutions.
The official said stainless steel demand is expected to grow five folds in the next 20 to 25 years because of increasing awareness about sustainability and government’s focus on building sustainable infrastructure.
“Today India consumes 4 million tons per annum which will go up to 20 million by 2047. Besides organic growth, now there are some inorganic growth trigger points in it, which were not there before. Renewable energy, defence, aerospace and opportunities in the blue economy were not there before,” Mr. Sharma said.
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