India Plans Rs 500 Billion Incentive to Drive Green Steel Transition

en.Wedoany.com Reported - The Indian central government is set to introduce a Rs 500 billion incentive scheme to promote cleaner production technologies in the steel industry, reinforcing the country's commitment to low-carbon industrial growth.

The scheme, tentatively named the "National Strategy for Sustainable Secondary Steel," is expected to be submitted to the Union Cabinet for approval in the coming months. It targets steel manufacturers across the industry, with a particular focus on secondary steel producers, who often face financial barriers when upgrading to cleaner technologies.

India's steel industry is one of the most carbon-intensive sectors, currently emitting approximately 2.55 tons of CO2 per ton of crude steel produced, significantly higher than the global average of around 1.9 tons. The initiative aims to reduce the carbon footprint while strengthening India's pathway to achieving net-zero emissions by 2070, highlighting the need for increased decarbonization investments.

Beyond supporting technology adoption, the scheme is expected to enhance the competitiveness of domestic steel manufacturers, promote sustainable manufacturing practices, and foster the development of a green steel ecosystem. This initiative is part of the government's broader strategy to balance industrial expansion with environmental responsibility, driving long-term sustainable growth in the steel sector.