New Steel Policy Targets Lower Emissions, Higher Exports and Raw Material Security
What Happened
The draft National Steel Policy-Vision 2047 proposes raising India's crude steelmaking capacity to 604 million tonnes (MT) by 2047 from about 220 MT currently. The roadmap projects 505 MT of finished steel consumption, 531 MT of crude steel production and 45 MT of steel exports by 2047. It also anticipates a sharp increase in raw material requirements, with iron ore demand projected at 772 MT and coking coal demand at 236 MT.
Key Takeaways
The policy aims to balance rapid industry expansion with sustainability by targeting a 39% reduction in carbon-emission intensity to 1.54 tonnes of CO₂ per tonne of crude steel by 2047. It also proposes expanding slurry pipelines through viability gap funding, increasing scrap usage, securing overseas raw material assets and reducing dependence on imported coking coal.