Delivering the keynote address at international conference-cum-exhibition on stainless steel, "Stainless '98" on Thursday, he said that production of stainless steel in India has increased from 50,000 tonnes in 1980 to 6 lakh tonnes last year, achieving an annual growth of 18 per cent. The world production increased from 14 million tonnes to 17 million tonnes over the same period at an annual growth rate of only 4 per cent.

He said there was a bright future ahead for India as its per capita consumption of 600 grammes was very low as compared to the world average of 12 kg. As such, he said, the entire steel industry did very well during the last three years but for a slow down in the past 15 months due fall inthe demand for the infrastucture sector and particularly construction industry.

He attributed slow funding by FIIs as another reason for slow growth of the infrastructure sector.