India steel policy 2047: 604 MT capacity target and carbon intensity cut to 1.54 tCO2 per tonne

India has released a draft steel policy that targets 604 million metric tons of steel capacity by 2047, up from roughly 220 million tons today. The plan also sets a carbon intensity target of 1.54 tons of CO2 per ton of crude steel by 2047, down from 2.54 tons. Raw material supply is a central piece, with iron ore demand projected at 772 million tons and coking coal demand at 236 million tons, so the policy calls for joint ventures and foreign assets to secure high grade reserves. The intensity cut is meaningful, but total emissions could still grow because steel output is expected to nearly triple. The draft does not appear to move away from coking coal in a major way, and the 1.54 target still leaves primary steel production far above the emissions level of scrap based routes. The public consultation phase will determine whether those targets come with concrete technology and financing plans.