The Government has the draft National Steel Policy-Vision 2047, which provides a long-term policy framework to build a globally competitive, technologically advanced, environmentally sustainable and resource-efficient steel sector. The Policy aims to meet the country’s growing steel requirements while strengthening India’s position in the global steel industry. The policy projects the country’s per capita steel consumption rising to 302 kilograms from the current 116 kilograms, while India’s crude steel production has already increased from 89 million tonnes in 2014-15 to 170 million tonnes in 2025-26. The Policy also projects an increase in the country’s steel exports to 45 MT by 2047. Further, it says that India aims for a near threefold expansion in crude steel-making capacity to 604 million tonnes by 2047 and to raise finished steel demand to 505 million tonnes.
The draft Policy focuses on promoting greater use of steel in infrastructure, housing, transportation, renewable energy, and emerging manufacturing sectors. It also places emphasis on cleaner steel production, seeking to lower average emissions intensity from 2.54 tonnes of carbon dioxide per tonne of crude steel to 1.54 tonnes by 2047 through measures including greater energy efficiency, renewable electricity, increased scrap use and hydrogen-based steel-making.
