Mumbai (Maharashtra) [India], September 14: The State of Odisha has partnered with the Global Stainless Steel Expo 2023 (GSSE) to make Odisha the 'Stainless Steel Destination' for the world with rising interest of stainless steel industry towards investing in Odisha.
The Government of Odisha is now the fastest growing economy and also the largest stainless steel producer in the country, accounting for more than 20 per cent of the country's crude steel production capacity. Odisha's partnership with the GSSE provides the state with the opportunity to interact with more than 150 stainless steel producers and 10,000 distributors, stockist and end users' industry from 25 states and 30 countries who will be present at the mega expo
The Minister for Industries, MSMEs and Energy, Government of Odisha, Pratap Keshari Deb, has consistently positioned Odisha as a preferred location for the metal and allied industries due to its natural resources and advantageous ecosystem. The partners and visitors of the GSSE Expo will have the opportunity to interact with the Government of Odisha. As the economy of the country is expected to grow rapidly in the near future, the demand for value added products will multiply. This offers good potential for the development of downstream industry as Odisha is the largest producer of steel, stainless steel and other metals.
Hemant Sharma Principal Secretary Industries Govt. of Odisha said, "The way Odisha is attracting investments, GSSE partnership will further boost investment in this Eastern State which will turn as the steel capital of the world. Odisha is the only coastal mineral rich State in the country is today contributing 34.3 per cent of the total mineral production. By 2030, the State will contribute over 34 per cent, over 100 MT, of the total steel production in India." added Sharma
"The stainless steel industry is set to see enormous growth over the next few decades as urgent calls for environmental action take center stage," said Abhyuday Jindal, Managing Director of JSL. "As producers of a product that is made from recycled material, a product that is infinitely recyclable, and a product that gets applied in almost all energy conservation projects, Indian producers have the unique responsibility of shaping India's green future and riding towards exponential growth due the enormous opportunities arising from widespread greening," added Jindal.
"The demand for stainless steel in India is expected to grow at an average of 9 to 10 per cent per annum over the next few financial years, doubling the growth rate of 4.5 per cent in the last five financial years," said Anitha Raghunath, Director of Virgo Communications and Exhibitions, the organiser of the GSSE Expo.
"Demand from other major sectors with application of stainless steel will find extensive usage across diverse consumer segments such as architecture, building, pipes and tubes, kitchenware, urban furniture and construction (ABC segment), automobiles, railways including metros, transport (ART segment), and other process industries in the next few fiscals, given higher consumer spends and recovery in consumption in India," added Anitha.
(Disclaimer: The above press release has been provided by NewsVoir. ANI will not be responsible in any way for the content of the same)