India’s steel sector remains heavily dependent on imported coking coal. India’s next phase of steel expansion would lock the country into more than US$1 trillion in coking coal imports, deepening India’s energy import dependence, foreign-exchange exposure, and vulnerability to carbon border measures in export markets.
Prime Minister Modi’s commitment to Atmanirbhar Bharat aims to make India energy independent by 2047. However, India currently imports 90% of its oil and 80% of industrial coal.