Budget 2025: Steel ministry seeks $1.7 bn to help mills cut emissions
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Finance Minister Nirmala Sitharaman will present the federal budget for the 2025-26 fiscal year on Feb. 1.
India, the world's biggest steel producer after China, has been working on a green steel policy aimed at decarbonising production of the alloy, part of a wider push towards cutting greenhouse gas emissions under a 2070 net-zero target set by Prime Minister Narendra Modi.
The steel ministry plans to offer incentives to reduce emissions, boost research and development and increase raw material efficiency, as well as encourage banks to offer lower interest rates on renewable energy loans, said the sources, who wished to remain anonymous as deliberations are not public.
The steel ministry did not respond to an email seeking comment.
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