India targets increasing its steel capacity to 604 million metric tons by 2047 from around 220 million tons at present, according a draft steel policy for public consultation released late ​on Saturday.

Reuters reported last week, ​citing the draft document, that the ​policy lays out plans to cut sector emissions ⁠and shore up access to iron ​ore and coking coal, key raw materials, ​to meet anticipated demand.

The policy aims to cut the sector's average carbon-emission intensity to around 1.54 tons ​of carbon dioxide per ton of ​crude steel by 2047 from the current 2.54 tons, ‌in ⁠line with India's net zero emission goal for 2070, according to the draft document.

The steel ministry expects iron ore demand at ​772 million ​tons and ⁠plans to secure access to high-grade reserves by pursuing foreign ​assets and joint ventures, the document ​said.

The ⁠ministry also expects coking coal demand to reach 236 million tons, the document said, ⁠with ​the government planning to ​diversify its sourcing via "strategic global outreach" and acquire overseas assets.