The Policy targets a nearly threefold increase in crude steel-making capacity to 604 million tonnes by 2047, with finished steel demand projected to reach 505 million tonnes. It also aims to increase per capita steel consumption from 116 kg to 302 kg and raise steel exports to 45 million tonnes by 2047.

The draft Policy promotes greater steel use in infrastructure, housing, transport, renewable energy and manufacturing. It also focuses on cleaner production by reducing emissions intensity from 2.54 to 1.54 tonnes of carbon dioxide per tonne of crude steel by 2047 through energy efficiency, renewable electricity, increased scrap use and hydrogen-based steel-making.