India's government planned to spend Rs 50 billion on a new program to help steel companies reduce emissions. According to Sandeep Poundrik, the secretary of the steel ministry, this initiative will especially assist smaller firms, which produce nearly half of the country's steel.

The program aims to address the significant pollution from India’s steel sector. This move meets India’s goal to achieve net-zero emissions by 2027 and helps companies meet the European Union's carbon border tax requirements.

The incentive will be proportional to the level of decarbonization achieved, focusing on plants that produce semi-refined, refined, or finished steel products.