The Indian government will unveil the new National Stainless Steel Policy in early 2024 once it obtains approvals from the Steel Ministry and the Cabinet of India. The decision is in response to the challenges of foreign competition. The formulation of the policy has entered its final stage.

The policy will set medium and long-term objectives for India's domestic stainless steel industry. For the medium term, India's domestic stainless steel production will be targeted at 10 million tons per year, up from the previous 6.6 million tons. For the long term, India's domestic stainless steel production is aimed to account for 10% of total steel production.