India to soon release new steel policy, eyes 600 million tons capacity by 2047, secy says

The government will soon put its new steel policy in the public domain, the Steel Secretary Sandeep Poundrik said on Tuesday. The official added that steelmaking capacity is expected to reach 600 million metric tons by 2047.

"We are going to bring National Steel Policy for public consultation very soon. This national steel policy is being formulated with a vision to bring India to Viksit Bharat target in 2047," he told reporters.

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According to the steel secretary, the government will put the policy into public domain for consultation and for comments from stakeholders in about a week.

The new steel policy, he said, gives measures to discourage cheap sub-standard imports including safeguard measures, like safeguard duty, anti-dumping duty, etcetera. It also outlines measures to make Indian steel industry, specially the small steel players competitive in terms of technology and price.

ET had earlier reported that India is preparing a new national steel policy with production targets for green steel, speciality steel and stainless steel for 2035 and 2047.

According to the report, the revamped framework on the key metal will focus on premium products and import substitution, while a separate steel scrapping policy is also under inter-ministerial consultation.

"The current policy is outdated," a senior official told ET's Twesh Mishra, adding the National Steel Policy 2017 (NSP 2017) requires a review before its 2030-31 targets are achieved.

INDIA'S STEEL POLICY PLANS

The upcoming steel policy aims to cut the steel sector's average carbon emission intensity to around 1.54 tons of carbon dioxide per ton of crude steel by 2047 from the current 2.54 tons, in line with India's net zero emission goal for 2070, according to the draft document accessed by Reuters.

The government iron ore demand at 772 million tons and plans to secure access to high-grade reserves by pursuing foreign assets and joint ventures, the document said.

The steel ministry also expects coking coal demand to reach 214 million tons, with the government planning to diversify its sourcing via "strategic global outreach" and acquire overseas assets.