Submission: Feedback on the draft National Steel Policy: Vision 2047

30 October 2026

To,

Shri Sandeep Poundrik

Secretary

Ministry of Steel

Government of India

GPOA-3, Netaji Nagar

New Delhi – 110023

Subject: Feedback on the draft National Steel Policy: Vision 2047

Dear Sir, 

On behalf of the Institute for Energy Economics and Financial Analysis (IEEFA), thank you for the opportunity to provide feedback on the draft National Steel Policy (NSP): Vision 2047. IEEFA is an independent energy finance think tank that examines issues related to energy markets, trends, and policies. The Institute’s mission is to accelerate the transition to a diverse, sustainable, and profitable energy economy.

IEEFA welcomes the draft policy’s recognition of decarbonisation as a key pillar, including the development of a domestic scrap ecosystem, improved energy efficiency, and greater electric arc furnace (EAF) production. IEEFA’s suggestions cover two areas. The first is raw material security for metallurgical (met) coal, which includes coking coal and pulverised coal injection (PCI) coal, and for iron ore. Both are closely linked to the energy security of India’s steel sector. The second is financing the transition, including public capital for first commercial plants, demand creation through public procurement, catalytic capital, support for secondary steel producers, and alignment with the Carbon Credit Trading Scheme (CCTS).

The table below summarises IEEFA’s recommendations, followed by detailed rationale for each.