Business Potential In India-Metals & Mining Industry in India

 Potential in India Metals & Mining Industry in India

#India #GDP contribution of the #mining industry varies from 2.2% to 2.5%

Infrastructure projects continue to provide lucrative business opportunities for steel, zinc, and aluminium producers.

Iron and steel make up a core component for the real estate sector. Demand for these metals is set to continue given strong growth expectations for the residential and commercial building industry.

There is a significant scope for new mining capacities in iron ore, bauxite and coal and considerable opportunities for future discoveries of sub-surface deposits.

Iron ore exports reached US$ 2.23 billion, registering an increase of 21.8% YoY.

steel production in India stood at 118 million tonnes (MT) in FY21.
India government reduced customs duty to 7.5% on semis, flat and long products of non-alloy, alloy and stainless steels

#recycling of copper in India-government announced reduction of import duty on copper scrap from 5% to 2.5%

As of FY22-
Total mines in India -1,245
metallic minerals- 525
non-metallic minerals -720.

GOVERNMENT INITIATIVES

Steel Authority of India Ltd. (SAIL) and Central Public Sector Enterprises (CPSEs), under the Ministry of Steel, supplied 48,200 tonnes of steel for the Purvanchal Expressway, which was inaugurated by Prime Minister Narendra Modi on November 16, 2021.