India will soon place a new national steel policy in the public domain, with the government targeting steelmaking capacity of 600 million metric tonnes by 2047, Steel Secretary Sandeep Poundrik said on Tuesday.
The policy will be released for public consultation and stakeholder comments in about a week, Poundrik told reporters. It is being framed around the government’s Viksit Bharat vision for 2047 and is intended to replace or update the existing National Steel Policy 2017, which the government considers due for review.
The proposed framework is expected to include measures to discourage cheap and sub-standard steel imports. According to Poundrik, these could include trade safeguards such as safeguard duties and anti-dumping duties. The policy will also outline measures aimed at helping smaller steel producers become more competitive in technology and pricing.
Steel is a critical input for construction, transport infrastructure, industrial facilities and urban development. Any change in the government’s approach to domestic production, imports or product standards could affect the availability and pricing of material used across these sectors. The policy’s public consultation will provide an opportunity for producers, users and other stakeholders to respond to the proposed measures.
The government’s stated focus extends beyond overall capacity. Earlier reporting by Economic Times said the revamped policy is expected to set production targets for green steel, speciality steel and stainless steel for 2035 and 2047. It is also expected to emphasise premium steel products and import substitution.
The proposed policy is being prepared while the government considers a separate policy on steel scrapping. That framework is currently under inter-ministerial consultation, according to the report. A formal timeline for its release was not provided in the information available.
The existing National Steel Policy 2017 had set targets extending to 2030-31. A senior official cited by Economic Times said the current policy is outdated and requires review before those targets are achieved. The new framework will therefore set out the government’s updated priorities for capacity expansion, product categories, import safeguards and the competitiveness of smaller players.
The next formal step is the release of the draft national steel policy for public consultation, expected in about a week. Its provisions, proposed targets and responses received from stakeholders will determine the details of the final policy.
