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India's new steel policy may be made public on October 5, with the government targeting 600 million tonnes of steelmaking capacity by 2047. 2 Min Read India will soon put its new steel policy in the public domain, with steelmaking capacity expected to reach 600 million metric tonnes by 2047, Steel Secretary Sandeep Poundrik said on Tuesday, September 29. The National Steel Policy will be brought into the public domain in about a week for comments from stakeholders. The policy will also provide measures to curb the dumping of cheap imports, including safeguard measures, to make the Indian steel sector competitive in terms of technology and price.
Speaking at the CII Manufacturing Confluence, Poundrik said the new National Steel Policy may be made public on October 5. India had introduced the National Steel Policy in 2017 with a target of raising steel manufacturing capacity to 300 million tonnes by 2030. Poundrik said the policy needed a relook in view of contemporary challenges and opportunities in AI/ML, technology upgradation, decarbonisation and sustainability. ₹5,000 crore scheme proposed for MSMEs On measures for MSMEs, Poundrik said an incentive scheme called "Viksit Bharat Ispat" has been proposed for small steel producers.
The scheme will offer a production-linked incentive tied to reducing carbon emissions through better raw materials and technology, along with green energy. The scheme, with an outlay of ₹5,000 crore, is likely to be approved in the near future, he added. Steel imports a challenge Poundrik said steel imports are a challenge due to excess capacity of 120-140 million tonnes in a neighbouring country.
He also flagged indirect imports through countries that are India's free trade agreement (FTA) partners. Tariff rate quotas and carbon tax are also impacting the domestic steel industry, he said. Focus on specialty steel The new policy aims to increase specialty steel production for defence, aerospace and other strategic sectors.
Automotives and white goods are also set to propel growth in India's steel consumption, Poundrik said. Speaking at the conference earlier, DGFT Lav Agarwal said that the Indian industry didn't have as many meetings as British industry had with the Commerce Ministry to understand benefits of the India-UK FTA. Stressing on the need to translate FTAs into field level action and increase global e-commerce trade, he said that export finance & market intelligence under Export Promotion Mission can ensure creating brand India Also Read: PM Awas Yojana Urban 2.0: Over 18 lakh houses sanctioned so far; who is eligible (Edited by : Megha Rani) First Published: Sept 29, 2026 12:38 PM IST Home Economy News India to unveil new steel policy soon; eyes 600 MT capacity by 2047
Source: CNBC TV18
