From supplying cutting-edge alloy steel for the motor casing of our historic mission to the moon, Chandrayaan-3, to contributing to India’s first underwater metro line in Kolkata, our participation in landmark projects underscores our unwavering dedication to the country’s goal of Atmanirbharta.
As India strives to become a USD 40 trillion economy by 2047, the manufacturing sector is pivotal in this journey, significantly contributing to GDP, infrastructure development, increased exports, and job creation. Our company has been a cornerstone of this effort, contributing to national growth and progress since its inception in 1970. Witnessing the growth trajectory of the country and knowing that Jindal Stainless has an important role to play in Bharat’s development is nothing short of an honour.
While the country is experiencing significant growth, there are challenges to address. One such challenge is corrosion, which erodes more than USD 100 billion from the Indian economy every year. With the help of the right sustainable solution, about 25% of this amount can be saved. This can be reinvested into further developing and enhancing our infrastructure and other facilities. Tackling this issue not only protects our assets but also paves the way for continued progress and prosperity. Corrosion is not just an unnecessary drain on our resources, it is also an enormous safety hazard. Our company has been at the forefront of putting a spotlight on this pervasive albeit easily remediated issue for the betterment of the country. We continue to fight the ‘war against corrosion’ by collaborating with CII on their National Mission on Corrosion Management.
As we build a more sustainable economic future, stainless steel’s improved life cycle cost makes it a key material in our journey towards a more resilient world.
A clear sense of purpose and the utmost dedication to deliver excellence have enabled our company to hold a formidable position in the Indian stainless steel ecosystem. We are confidently steering the course towards category recognition and acknowledgement of the importance of stainless steel and its applications in people’s daily lives. Nonetheless, there are challenges to overcome. China’s ongoing dumping of substandard and subsidised imports, which has doubled in the last three years, continues to threaten the sector – and it is especially impacting MSMEs, distorting the ecosystem needed for further growth. Our company as well as key stakeholders have been voicing these concerns and will continue to do so to protect micro, small, and medium enterprises. Despite these challenges, the industry is humming with immense growth potential. With India’s relatively low per capita stainless steel consumption of 2.8 kg versus the ~6 kg global average, a vast untapped market is waiting to be harnessed.
Our company recognises the importance of developing every link in the ecosystem. This holistic approach is essential to meeting customer needs and maintaining a high standard of quality and service. With this deep sense of responsibility, we have led several initiatives to foster not only our growth but that of the sector at large. This includes creating awareness about the benefits of stainless steel, upskilling our youth and developing strong industry-academia partnerships. I am elated to share that our flagship initiative, Stainless Academy, has been instrumental in educating the youth of India about the benefits of stainless steel. We have trained over 14,500 fabricators in the last year and introduced courses on stainless steel at premier engineering and polytechnic institutions. Additionally, we signed an agreement with IIT Bombay to establish a chair professorship to support research in the stainless steel sector. We are also collaborating with IIT Kharagpur to work together on metallurgical projects, such as process optimisation, materials characterisation, and primary alloy production. All these efforts will enable us to raise awareness of the category and nurture the next generation of professionals in our industry.
It gives us immense pride that Jindal Stainless was the first private entity invited by the Ministry of Steel to lead the successful pilot project of the ‘Make in India’ brand initiative, to enhance the recognition of Indian products both domestically and globally. This scheme will contribute to establishing India as a global manufacturing hub and showcasing our stainless strength to the world. Our selection is a testament to the Swadeshi spirit that the company has exemplified since its inception. As our company has become synonymous with authenticity and reliance, we are also spearheading the fight against counterfeit stainless steel plaguing the sector. With that in mind, we launched the Jindal Saathi campaign, which is now in its 5th edition and has had the added benefit of helping us penetrate deeper into the customer-facing segments. Additionally, as a brand deeply invested in India’s growth, we are constantly striving for import substitution in critical areas to take us a step closer towards an Atmanirbhar and Viksit Bharat. A big achievement towards this goal was the development of clad plates and alloy steel plates, used in thermal power plants and supercritical boilers. As an organisation, through our innovations and cutting-edge facilities, we are all set to achieve even more significant milestones in the years to come.
At Jindal Stainless, we have woven sustainability into the fabric of our core business strategies. Towards this end, our company has earmarked INR 700 crore for various sustainability projects aimed at reducing 1.5 million tonnes of carbon emissions every year. This financial year, we made significant strides to achieve our environmental goals, demonstrating our commitment to a greener future. Our pledge to achieve Net Zero by 2050, reinforced by our commitment to the Science-Based Targets Initiative (SBTi), firmly underscores our unwavering dedication to a sustainable future. Our pledge to a greener world is exemplified by our current practice of recycling 72% of our input materials and our constant endeavour to increase this fraction. This year also marked a significant milestone with the inauguration of India’s first Green Hydrogen Plant in the stainless steel sector at our Hisar unit, a crucial step in reducing carbon emissions. Our efforts have reduced 76,000 tonnes of CO2 in FY24 alone, contributing to a total reduction of 2,80,000 tonnes over the past three years. I’m also proud to share that over 2,000 dedicated members of the Jindal Stainless family participated in our World Environment Day initiative, successfully collecting over 3 tonnes of plastic waste. Their collective efforts highlight our focus on sustainability and community action.
We see the impending transformation of the stainless steel industry, which is driven by sustainability imperatives, digitalisation, and evolving consumer preferences, as an opportunity to evolve and advance. Besides traditional applications across automobile, railways, transport (ART); architecture, building, construction (ABC); processing industry; and consumer durables, the demand for stainless steel is rising in the infrastructure sector, defence, aerospace, renewable, and green and blue economies. With an agile supply chain, predictive production strategies, and a strong network of service centres, our company has skillfully capitalised on changing market conditions and effortlessly served large and specialised segments while delivering exceptional customer service.
In the age of Artificial Intelligence and digitalisation, we are actively embracing the Industry 4.0 movement to integrate our digital technologies into manufacturing processes and create smart factories where digital and physical systems collaborate seamlessly. We have integrated all our essential functions, both in India and internationally, within our ERP system. Furthermore, we’ve launched new business applications to provide a comprehensive customer experience, boost sales force productivity, manage vendor processes, oversee transportation, integrate HR functions, and more. Embracing digitalisation is crucial to enhance the ‘Ease of Doing Business’ and refine as well as optimise our processes.
I am also proud to reiterate that Jindal Stainless has become the first Indian corporation to execute ground-breaking live shipment transactions through Electronic Bills of Lading (EBLs) powered by public blockchains. This initiative, which involved various platforms of vendors, shippers, and banks, has enabled us to achieve completely paperless transactions across geographies. This milestone was inaugurated at the G20 trade ministers meeting between India and Singapore.
Going forward, Jindal Stainless remains steadfast in its commitment to innovation, sustainability, and excellence. Our resolute focus on these principles ensures we continue leading the industry and delivering unmatched value to our stakeholders. With this, I extend my heartfelt gratitude to the dedication of our talented team and the trust of our valued partners and customers.