In response to advanced nations, including the European Union, implementing carbon pricing mechanisms like the carbon border adjustment mechanism on steel imports and the increasing need to reduce carbon emissions in the sector, the government has initiated a review of its seven-year-old National Steel Policy (NSP).
The steel ministry has started consulting industry stakeholders to gather input for this review. The NSP aims to achieve a crude steel production target of 300 million tons by 2030. In the fiscal year 2024, India produced 143 million tons of crude steel, marking a 12.6 percent increase from the 127 million tons produced in FY23.
The policy seeks to expand domestic steel production capacity to cater to the rising demand in automotive, electrical, and special sheet and alloy steels, and to raise per capita consumption to 160 kg by 2030–31. As reported by manufacturingtodayindia.com, domestic producers have also expressed concerns about the impact of low-cost steel imports from China.
