India Targets 600 MT Steel Capacity by 2047, New Policy Soon

Steel Secretary Sandeep Poundrik said on Tuesday that India is preparing to unveil a revamped National Steel Policy which is expected to be released for public consultation within about a week, allowing industry stakeholders to submit their comments and suggestions.

The new policy is being framed with the broader objective of supporting the government’s Viksit Bharat vision for 2047. It is expected to lay down targets and strategies for the development of green steel, speciality steel and stainless steel through 2035 and 2047.

The government also plans to address concerns over imports of cheap and sub-standard steel. According to Poundrik, the policy will examine trade measures, including safeguard and anti-dumping duties, to protect the domestic industry from unfair competition.

Another focus will be improving the competitiveness of smaller steel producers, particularly by helping them adopt better technologies and strengthen their pricing capabilities.

India currently has crude steelmaking capacity of around 222 million tonnes per annum. The industry remains on course to meet the existing National Steel Policy target of 300 million tonnes per annum by 2030.

Recent production and consumption data point to continued growth in domestic steel demand. Between April and July of the current financial year, finished steel production increased 4 per cent year-on-year to 54.3 million tonnes, compared with 52.2 million tonnes during the corresponding period a year earlier.

Finished steel consumption rose 7.8 per cent to 55.9 million tonnes from 51.9 million tonnes, with infrastructure activity in areas such as highways, railways and ports supporting demand.

Steel exports also recorded strong growth during the period, rising 35 per cent to 2.29 million tonnes from 1.70 million tonnes a year earlier. In value terms, exports increased 29.4 per cent to Rs 18,105.4 crore.

Crude steel production grew 2.6 per cent during April-July to 56.3 million tonnes, compared with 54.9 million tonnes in the same period of the previous year.