India plans to boost steel capacity to 604MT by 2047
Business
India just dropped a draft plan to boost its steel capacity from around 220 million tons to 604 million tons by 2047.
The policy is open for public feedback and puts a big spotlight on making sure there's enough raw material for this growth.
It also sets out to cut carbon emissions in the steel sector, aiming for cleaner production as India works toward net-zero emissions by 2070.
Government eyes overseas iron ore assets
To fuel this ambitious jump, the government is looking at buying high-grade iron ore assets abroad and teaming up with global partners.
They're also planning to mix up where they get coking coal, so supply doesn't become an issue.
All these moves are about keeping the steel industry strong and sustainable as demand keeps rising.