India will release a new draft National Steel Policy (NSP) for public consultation next week, outlining a roadmap to achieve domestic steel production of 600 million mt per year by 2047, steel ministry secretary Sandeep Poundrik said on Tuesday, September 29.
The new policy will update or replace the framework established under the National Steel Policy 2017, aligning the sector's capacity expansion, technology development and raw material requirements with its long-term growth objectives. “In about a week we will put this policy into the public domain for consultation and for comments from stakeholders,” Poundrik stated.
The draft will also outline measures to discourage cheap and substandard steel imports, including trade remedies such as safeguard and antidumping duties, he added.
Meanwhile, the policy will seek to strengthen the competitiveness of domestic steelmakers, particularly smaller producers, by improving technological capabilities and cost efficiency.
The proposed target represents a substantial increase from the National Steel Policy 2017, which envisaged crude steelmaking capacity of 300 million mt per year by the fiscal year 2030-31.
