Current Affairs - Economy - Discussion

2047 is the target year for India to increase its crude steelmaking capacity to 604 million tonnes (MT) under the draft National Steel Policy – Vision 2047. Released on October 12, 2026, the policy outlines a roadmap to expand domestic steel production, reduce import dependence and promote sustainable industrial growth. It also targets finished steel demand of 505 MT and an increase in per capita steel consumption from 116 kg to 302 kg. The policy aims to reduce dependence on imported coking coal and lower the average emission intensity of steel production from 2.54 to 1.54 tonnes of carbon dioxide per tonne of crude steel through cleaner technologies, hydrogen-based steelmaking and greater use of scrap.