Government to Revise National Steel Policy

20 Aug 2024 , 12:48 PM

The EU’s carbon price (Carbon Border Adjustment Mechanism) on steel imports and the growing need to decarbonize the industry have prompted India to evaluate its seven-year-old National Steel Policy (NSP), according to officials.

According to them, the goal is to evaluate how the policy affects the commodity’s production and consumption and determine whether any changes are necessary in light of the recent challenges that have emerged.

One of the executives stated to ET, “We are working on stainless steel and green steel policy and reviewing the NSP 2017.”

As part of the evaluation, the steel ministry has started talking to stakeholders and the industry.

By 2030, the NSP aimed to produce 300 million tonnes (mt) of crude steel. India produced 143 million tons of crude steel in FY24, up 12.6% from 127 million tons in FY23. Since the NSP’s inception in 2017, when the nation produced 101 mt of crude steel, it has climbed by almost 42%.

The NSP intends to boost domestic steel production to fulfill the demand for premium automotive, electrical, and special sheet and alloy steels, as well as to raise per capita steel consumption to 160 kg by 2030–31.

Concerns regarding inexpensive steel imports from China have also been voiced by domestic producers.

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