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The Indian government is preparing to approve a dedicated ₹47 billion ($570 million) corpus to provide fiscal incentives for green steel production. This initiative aims to accelerate the decarbonization of India’s steel sector, one of the largest contributors to the nation’s carbon emissions.
The fund will support steelmakers in adopting low-carbon technologies, including hydrogen-based direct reduced iron (DRI), carbon capture, and renewable energy integration. By reducing dependence on coal, these technologies will help cut emissions and align the industry with India’s long-term climate targets.
The move is significant as the steel industry accounts for nearly 12 percent of India’s overall carbon footprint. With growing global demand for low-carbon steel, the scheme will not only drive sustainability but also boost India’s competitiveness in international markets.
Officials believe that the fiscal support will encourage innovation, attract investments, and create a robust ecosystem for clean steel manufacturing. The initiative also aligns with India’s net-zero pledge by 2070 and reinforces the government’s commitment to building a sustainable industrial future.
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