The current emission intensity of steelmaking in India is not aligned with the national climate goals. This requires a shift to green steel whose development needs fundamental changes in the processes and technologies involving non-fossil fuel sources both as a fuel and a source of electricity, needing several conducive policy-level interventions. In the absence of a timely policy and subsequent changes, steel companies will likely lock in their investments in conventional technologies based on fossil fuels with/without carbon capture. They are unlikely to go for transformational changes involving technology change as those require significant capex investments. From India’s advantage perspective, this will be a big miss. In this study, we examine the need for green steel in India, evaluate different estimates of the production of green steel by 2030 and 2050, discuss the challenges and argue how an effective policy on green steel can complement India’s in-progress green hydrogen policy.