Annual production of steel to 60.4 crore tonnes!
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Delhi: The country's annual crude steel production capacity is 604 million tonnes by 2047. (60.4 crore tonnes) the government has released a new steel policy. It has proposed new regulations with the aim of solving the challenges faced in terms of imports in addition to competing in the international market.
Domestic Demand to 505 Mt
It is estimated that the demand for finished steel in the country will reach 505 Mt by 2047. By then, steel exports from our country will increase to 45 million tons. The steel policy has estimated that the per capita consumption of steel in our country which was 116 kg in 2025-26, will increase up to three times to 302 kg by 2047. The Government will provide support to the 'Secondary Steel Sector' in terms of raw material availability, technology upgradation, skill development and safety, which accounts for 47% of the total crude steel production capacity in the country with around 2550 units.
Focus on self-sufficiency- reduction of imports:Raw materials account for 65-70% of steel manufacturing costs. Although our country is rich in iron ore, we import about 92 percent of the required coking coal. The steel policy proposes to use artificial intelligence (AI) technology to manage coal blends for fuel along with expansion of domestic mines, expansion of laundries, purchase of mines abroad, long-term supply contracts and to reduce dependence on imports. The government will also focus on sustainable availability of key minerals like manganese and limestone.
To reduce carbon emissions:Steel sector accounts for 10-12% of our country's total carbon emissions. For each tonne of crude steel produced, the global average carbon emissions are 1.92 tonnes, while in India the average is 2.54 tonnes. Steps will be taken to reduce the negative impact on the environment. The sector is set to achieve zero emissions target by 2070 by increasing efficiencies, using renewable electricity, green hydrogen and recycling old steel.
Usage of advanced technologies: AI, machine learning, digital data standards, autonomous production systems will be rapidly implemented in manufacturing processes. Apart from setting up an AI-based import monitoring system to curb cheap products from abroad, BIS standards will also be tightened. target="_blank" rel="noopener">Business Newsand Telugu News► Follow us on Facebook, Twitter, Instagram& Google News. Tags :
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