New Delhi, Oct. 21 -- The draft Nation Steel Policy, which targets 604 million tonnes per annum production capacity, 45 mtpa exports, and 302 kg per capita consumption by 2047, may remain only a declaration of intent unless it addresses critical areas such as accelerating consumption, securing raw materials, and adopting green technology, experts said.
They unanimously call the document, which will be finalised after public consultation, "ambitious" and "well-timed," given India's global ambitions and its goal of becoming a developed nation by 2047.
"Vision 2047 is ambitious and well-timed, but scaling to 604 MT while cutting emission intensity to 1.54 tCO₂/tcs requires raw material security and clean technology to move in step. With about 92% of coking coal imported, clear milestones, financing support and green steel incentives will be essential to compete in speciality and value-added segments," said Vinay Tiwari, CEO, JSW Steel Italy. Ankit Agarwal, Managing Director, Alvarez & Marsal, said the policy sets out strong ambition for a mature industry, focusing on global competitiveness and domestic technology.
Former RINL executive K Bangar Raju said, "Unless steel consumption accelerates, investments expand, and raw material security improves, the new target risks becoming a declaration of intent rather than an achievable roadmap. India needs measurable milestones, not merely ambitious numbers."
Dipak Sangameswaran, Co-promoter, Seric Steels, said, "The vision is a good document for the present, but does not address the elephant in the room. It envisions 1.54 kg CO2/kg finished steel in 2047, while the world will be hurtling towards net zero by 2050."
Former SAIL executive Hridaya Mohan said the target's feasibility would depend on demand keeping pace with investment.
"My six years in China showed me how excess capacity can become a liability when domestic consumption falls short, pushing surplus steel into export markets. India must secure coking coal, control production costs, finance decarbonisation and expand value-added steel. The target is achievable only if capacity growth remains market-led, competitive and sustainable," Mohan said.
Aditi Tiwari, Editor, Steel & Raw Material, Kallanish (India) said securing 700MT of iron ore, around 2.5 times current levels, could be a major challenge, especially as high-grade reserves deplete, to achieve the target.
"High costs, land acquisition and railway crossings also remain hurdles to slurry pipeline development. The expansion must address water scarcity, land degradation and biodiversity loss to ensure sustainable growth," she said.
Published by HT Digital Content Services with permission from Millennium Post.