Draft steel policy targets 604 MT capacity by 2047
India has introduced a draft national steel policy aiming to expand capacity to 604 million tonnes by 2047, up from the current 220 million tonnes. This will result in a per capita steel consumption of 302 kg, compared to the current 116 kg. The policy seeks to boost steel exports to 45 million tonnes within two decades. The government emphasizes shifting the steel sector from capacity-led growth to value creation, technological advancements, and integrated value chain development.
Emphasis will be placed on domestic technology and capital goods for steel production. The policy also aims to promote steel usage in infrastructure, housing, transportation, renewable energy, and emerging manufacturing sectors. Measures to reduce carbon emissions include high scrap utilization, hydrogen-based direct reduced iron, biochar, and gasified coal substitution, with the goal of lowering the average carbon emission intensity to 1.54 tCO₂/tcs by 2047, aligning with India's net zero target.
The draft also outlines strategies to enhance scrap utilization, implement hydrogen-based direct reduced iron, utilize biochar and gasified coal, and adopt carbon capture, utilization, and storage technologies.
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