📷 Image: Wikimedia Commons / 15th BRICS SUMMIT
National
India Announces New Steel Policy Aiming for 604 Million Tonnes Capacity by 2047
✍️ India Business Trade
🗓 19 Oct 2026, 06:01 AM
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The government has unveiled a new steel policy that sets a target of achieving 604 million tonnes of steel production capacity by 2047. The policy emphasizes a circular economy approach to boost sustainability in the sector.
The new steel policy outlines a roadmap to expand the country's steelmaking capacity to over 600 million tonnes within the next two and a half decades. It aims to meet growing domestic demand while reducing reliance on imports through capacity augmentation and technological upgradation.
A key feature of the policy is its focus on a circular economy model, encouraging recycling of scrap steel, adoption of energy‑efficient processes, and minimization of waste across the value chain. Incentives for using recycled material and developing green steel technologies are expected to be part of the implementation framework.
Industry analysts say the policy could attract significant investment in both integrated plants and mini‑mills, potentially creating jobs and boosting exports of value‑added steel products. The government intends to review progress periodically to ensure the targets remain aligned with national economic and environmental goals.
A key feature of the policy is its focus on a circular economy model, encouraging recycling of scrap steel, adoption of energy‑efficient processes, and minimization of waste across the value chain. Incentives for using recycled material and developing green steel technologies are expected to be part of the implementation framework.
Industry analysts say the policy could attract significant investment in both integrated plants and mini‑mills, potentially creating jobs and boosting exports of value‑added steel products. The government intends to review progress periodically to ensure the targets remain aligned with national economic and environmental goals.