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India Plans 600 Million-Tonne Steel Capacity by 2047, Policy Soon
India wants to make much more steel by 2047.
Its goal is to reach 600 million metric tonnes of steelmaking capacity.
The government will soon share a new National Steel Policy for public comments.
The policy may make it harder for cheap and low-quality foreign steel to enter India.
It will also try to help smaller steel companies improve their technology and prices.
The plan includes goals for green steel, speciality steel and stainless steel.
From April to July, India made more crude and finished steel than during the same period last year.
Steel use and exports also increased during those months.
India plans to raise steelmaking capacity to 600 million metric tonnes by 2047.
The new National Steel Policy is expected to enter public consultation within about a week.
The policy may use safeguard and anti-dumping duties to discourage cheap, sub-standard steel imports.
It is expected to support smaller producers and set targets for green, speciality and stainless steel.
During April-July, crude steel production rose 2.6% and finished steel consumption increased 7.8% year-on-year.
- Who
- India’s government, led on this issue by Steel Secretary Sandeep Poundrik, is preparing the policy.
- What
- The government plans to release a new National Steel Policy and target 600 million metric tonnes of steelmaking capacity by 2047.
- Where
- India; the announcement was made in New Delhi.
- When
- The policy is expected to be opened for public consultation in about a week; the reported production data covers April-July of the current financial year.
- Why
- The policy is intended to support the Viksit Bharat 2047 vision, discourage cheap and sub-standard imports, and improve the competitiveness of smaller producers.
Key facts
- 2047 capacity target
- 600 million metric tonnes of steelmaking capacity
- Current crude steel capacity
- Around 222 million tonnes per annum
- 2030 capacity target
- 300 million tonnes per annum under the existing National Steel Policy target
- Finished steel production
- 54.3 million tonnes during April-July, up 4% year-on-year
- Finished steel consumption
- 55.9 million tonnes during April-July, up 7.8% year-on-year
- Steel exports
- 2.29 million tonnes during April-July, up 35% year-on-year
- Crude steel production
- 56.3 million tonnes during April-July, up 2.6% year-on-year
Sources
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