It was reported that India's Union Minister of State, Faggan Singh Kulaste, said that India's stainless steel demand has a compound annual growth rate (CAGR) of 6-7%, one of the highest in the world.

India's per capita consumption of stainless steel reached 2.5 kg in 2019, but it was only 1.2 kg in 2010. In less than 10 years, the per capita consumption of stainless steel has increased by 100%, representing the strong growth in the Indian economy.

India has now become one of the 15 countries with the highest per capita consumption of stainless steel in the world.