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Press Release

Union Minister of Steel and Union Minister of Mines inaugurate two-day Conference on 'Indian Minerals & Metals Industry: Transition towards 2030 & Vision 2047'

Aug 23, 2022

NEW DELHI, 23 August 2022: Mr Jyotiraditya M Scindia, Union Minister of Civil Aviation and Steel, today called upon India's mines and mineral industry to reduce carbon emission by 30-40 per cent by the year 2030 to enable India make an impact globally for its growth, expansion and exports.

Addressing the two-day conference 'Indian Minerals & Metals Industry: Transition Towards 2030 & Vision 2047', organized in New Delhi, by NMDC in association with FICCI, the Minister emphasized that the industry will grow at the rate of 7-8 per cent and is critical to streamline its production processes to make India globally competitive and impactful particularly in view of emerging global challenges.

The Minister asserted that we need to promote Made in India. "While we look at branding through our companies, we must also look at branding the mother brand 'Made in India' and that mother brand must be associated with the highest quality of product," he added.

Mr Pralhad Joshi, Union Minister of Mines, Coal and Parliamentary Affairs said, "Government has introduced a revenue sharing model as per which 50 per cent rebate is entailed on revenue share on early production of minerals." In 2021, MMDR Act was amended to allow auction for mining lease of limestone, iron ore and bauxite blocks having deposits at G3 level of exploration instead of earlier mandated G2 level exploration. Further, auction for composite license for all minerals allowed at G4 level of exploration instead of earlier mandated G3 level exploration. A total 190 blocks of various major minerals have been successfully auctioned in the last 7 years. In present fiscal, the government has auctioned 36 mineral blocks whereas in the last fiscal the total revenue accrued from auctioned mines is more than Rs. 25,170 Cr. The mineral and metals industry will need to adopt sustainable ways and in order to bring sustainability, it is imperative for the Indian mineral and metals sector to adopt best practices available globally for increasing productivity and efficiency, he added.

Mr Sumit Deb, Chairman-Cum-Managing Director, NMDC Ltd in his remarks said that the vision of NMDC reverberates with the vision of National Steel policy as it aims to augment annual production capacity of iron-ore to 67M tons by 2025 and 100M tons by 2030," he added.

Mr Sanjiv Mehta, President, FICCI stated that the mines and minerals play a key role in industrialization of an economy. "It is vital for our country to create a strategy for critical minerals and rare earth security. Reducing the supply chain and logistics cost by improving the infrastructure and enhancing efficiencies in the entire value chain would be essential to make our industries globally competitive," he added.

Leading industrialists, policy makers, world renowned associations from the steel, minerals and mining industry will take part in the two-day conference.

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