N Prasad Rao, CEO of Pegasus Consulting, shares insights on the exponential growth of India’s stainless steel industry, infrastructure-driven demand, and the role of forums like GSSE in shaping its future.

India’s stainless steel industry is witnessing remarkable growth, driven by rapid urban development, government infrastructure projects, and increasing adoption across new sectors. Stainless steel has become an essential material for the country’s progress in various sectors like airports, metro rail networks, modern architectural designs, and defence applications, etc. The demand is not only expanding within major cities but also spreading to emerging regions, creating fresh opportunities for manufacturers, suppliers, and MSMEs across the value chain.

As the industry grows, so does the need for expert guidance to help businesses navigate challenges related to technology, pricing, and global competitiveness. Pegasus Consulting, based in Bangalore, is one such firm. Its CEO, N Prasad Rao, spoke with Team Stainless Today at the Global Stainless Steel Expo (GSSE) 2025. In this interview, he shared his thoughts on the rapid development of India’s stainless steel industry and how forums like GSSE are shaping its future.

Could you tell us about your firm and its areas of focus?

Pegasus Consulting is based out of Bangalore. We started this consulting firm with my background of over 30 years in the stainless steel industry as a stainless steel consulting company. However, over the last three to four years, we have expanded the firm into three verticals. We provide consulting for the steel and stainless steel industries. We also offer strategy and management consulting focused on business transformation for MSMEs. In addition, we have a digitisation portfolio where we build ERP solutions tailored for MSMEs.

Our entire focus is on MSMEs, which is why our company logo carries the tagline “Wind Beneath the Wings”, symbolising our mission to give wings to MSMEs. We are now looking to globalise our operations, especially in the stainless steel and steel sectors, by expanding into other countries.

How do you see the stainless steel industry evolving in India?

The stainless steel industry in India is growing at a very fast pace, primarily driven by infrastructure development. Airports, metro railways, and metro coaches all require a significant amount of stainless steel. Architectural applications are also on the rise, and we are seeing growth in aerospace and defence, which has further increased demand as new airports are being constructed.

For instance, the Mumbai airport has used a large amount of stainless steel. So yes, the growth is exponential. However, there are still challenges in India, particularly with pricing, since we have to import nickel, which is not produced domestically.

At the same time, the government is providing considerable support to the sector through initiatives by the Bureau of Indian Standards (BIS). They are implementing conditions mandating the use of stainless steel in certain construction applications, such as rebars. The automotive industry is also witnessing strong growth.

While the sector is expanding, our growth is still limited compared to countries like China. Supply and demand imbalances continue to pose challenges, affecting both pricing and quality.

Nevertheless, industry forums such as this one, in collaboration with the Ministry of Steel, GSSE, ISDA, Indian and overseas mills, suppliers, consultants, and engineers, will certainly help accelerate growth in the stainless steel industry in India. I am told that this event is becoming an annual affair, and it is encouraging to see how much it has grown. Kudos to the GSSE team for their efforts.

How do forums like GSSE help the stainless steel industry?

As you can see, events like this bring together multiple facets of the stainless steel industry. You have merchants, large producers, end users, and people from various sectors that rely on stainless steel. It is truly a global participation, which is very encouraging.

There are also panel discussions covering different industry segments, such as one on architecture, another on challenges facing the stainless steel industry, and a session on policy developments. These interactions and exchanges of knowledge are highly beneficial for the industry, and we can clearly see it growing year after year.