India’s new steel policy targets 600 mln tons of steelmaking capacity by 2047, up from 220 mln tons as of fiscal 2026, with plans to reduce emissions and secure supplies of key raw materials, Reuters reported on September 29, citing the country’s steel secretary.
The policy, which is expected to be released publicly soon, sets out a roadmap for the next two decades. A draft document reviewed by Reuters outlines a target to reduce average carbon emission intensity to around 1.54 tons of CO2 per ton of crude steel by 2047, from the current 2.54 tons, in line with India’s goal of achieving net-zero emissions by 2070.
The draft also projects iron ore demand of 772 mln tons and coking coal demand of 214 mln tons. The government plans to secure access to high-grade iron ore reserves through overseas assets and joint ventures, while diversifying coking coal supplies through international engagement and potential overseas acquisitions.
Raw material availability and exports remain major challenges for the sector, Steel Secretary Sandeep Poundrik said, according to Reuters.
India was a net importer of finished steel in April-August, bringing in 3.5 mln tons, up 29.5pct YoY, with China accounting for 31.8pct of imports.
