India's National Steel Policy (NSP) Vision 2047

India's draft National Steel Policy Vision 2047 outlines an ambitious pathway to 505 Mt of steel demand, 604 Mt of capacity and lower emissions by 2047. In this insight, Wood Mackenzie assesses the credibility of these targets and the implications for steel, iron ore, metallurgical coal and scrap markets. We examine the opportunities created by India's long-term growth trajectory, as well as the challenges associated with capacity expansion, export ambitions, raw material security and decarbonisation. Our analysis suggests the demand outlook is broadly achievable, positioning India as the world's largest source of incremental steel demand. However, delivering the policy's capacity, export and decarbonisation ambitions will require unprecedented investment, infrastructure development and execution. We also highlight the significant implications for iron ore supply, metallurgical coal import dependence and the steel sector's long-term transition to lower-carbon production.