India loses $ 40 bn a year due to corrosion in infra

New Delhi: India loses more than $40 billion a year - about 4 per cent of the size of the total economy - due to corrosion in infrastructure and industry segments, ONGC CMD Sudhir Vasudeva said on Wednesday. It prompts a need for efforts to minimise the leakages through stainless steel applications, among other steps, he said.

"The loss due to corrosion is to the tune of $40 billion every year, which is about 4 per cent of the GDP... Better corrosion control is needed through use of proper grade of stainless steel as capex on infra is exorbitant," Vasudeva said inaugurating an event here to celebrate 100 years of stainless steel.

Petroleum industry is the second largest after Chemicals facing the problem of corrosion and stainless steel applications could help minimise it, he said. "The demand for corrosion free material is on increase in high-end industries including Oil & Gas, Energy and Shipping, railways, ports etc," he said addressing the event, sponsored by Finnish stainless steel major Outokumpu.

While stainless steel share in the steel big picture in India is the highest in the world, the per capita usage in the country is abysmally low, said Principal Advisor, Planning Commission, Pronab Roy. Stressing upon the need for penetration of stainless steel in infrastructure areas, he said the country facing resource-crunch was not in a position to bear huge losses on account of corrosion.

There is a need to find ways and means to save leakages on maintenance costs due to corrosion and offer right solutions to enhance the life of products, plant, machinery and civil structures by using suitable grades of stainless steel, said Yatinder Pal Suri, India head, Outokumpu group. Markus Moll, MD, Steel and Metals Market Research stressed promoting use of stainless steel applications.

The event - "100 Years of Stainless Steel - Towards Building Corrosion Free India" was organised here as part of the global celebrations of relatively new corrosion resistant material and the product which was first created, patented and produced in the year 1912. From small beginnings a hundred years ago, stainless steel has grown to be an integral part of households.