New Delhi: India has set itself the goal of becoming a 604 million metric tonne steel giant by 2047, with the government releasing a draft National Steel Policy for public consultation late on Saturday, October 10, 2026. The policy, the first comprehensive steel roadmap aimed at the centenary of independence, seeks to nearly treble the country’s installed crude steel capacity from around 220 million tonnes today.
The draft projects finished steel demand of 505 million tonnes by 2047, with per capita consumption rising to 302 kg and steel exports climbing to 45 million tonnes. It builds on a decade of strong growth: India’s crude steel production has risen from 89 million tonnes in 2014-15 to 170 million tonnes in 2025-26, while the country’s share of global crude steel output has grown from 5.2 per cent in 2014 to 8.9 per cent in 2025. News of the draft broke on Sunday, October 11, 2026.
At the heart of the policy is a twin mandate — scale and sustainability. Carbon-emission intensity is targeted to fall to 1.54 tonnes of CO2 per tonne of crude steel by 2047, down from 2.54 tonnes today, in alignment with India’s 2070 net-zero commitment. The steel sector currently accounts for 10-12 per cent of India’s CO2 emissions, and its intensity remains well above the global average of 1.92 tonnes per tonne of crude steel.
Raw material security forms the other key pillar of the draft. Iron ore demand is projected to touch 772 million tonnes by 2047, up from 299 million tonnes in 2025, while coking coal demand is seen tripling to 236 million tonnes. This presents a stark challenge: India imports 92 per cent of its coking coal requirements, and raw materials already account for 65-70 per cent of steelmaking costs.
To close that gap, the policy pushes domestic mining expansion, acquisition of overseas coking coal assets, joint ventures, “strategic global outreach” and the use of AI-optimised coal blends to reduce dependence on imports. Construction and infrastructure — which together drive 67 per cent of domestic steel consumption — are expected to remain the primary engines of demand through 2047.
The draft also throws its weight behind the secondary steel sector, which comprises 2,550 units and accounts for roughly 47 per cent of the country’s crude steel capacity. Alongside this, it proposes measures to support specialty and stainless steel production, build scrap recycling infrastructure, deploy AI-based import monitoring, and set up a Steel Industry Safety Council.
Industry analysts note that the targets are ambitious but consistent with India’s economic trajectory, as the country remains the world’s second-largest crude steel producer. The per capita consumption goal of 302 kg by 2047 would bring India closer to consumption levels seen in developed economies, even as the export target of 45 million tonnes signals intent to compete globally.
The draft is now open for public consultation, with stakeholders expected to submit comments and suggestions before the policy is finalised. The government has framed the exercise as central to its Viksit Bharat 2047 vision, positioning steel as the backbone of the infrastructure-led growth that the next two decades are expected to deliver.
