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Press Release

MoS Steel and Rural Development urges industry to explore ways and means to make Indian Minerals & Mines Sector self-reliant

Aug 24, 2022

NEW DELHI, 24th August 2022: Mr Faggan Singh Kulaste, Minister of State for Steel and rural Development, Govt of India today called upon the industry to explore ways and means to make India self-reliant in minerals and mines sector and he also laid emphasis on accelerating exports of the precious metals.

The conference which was jointly organized by NMDC & FICCI also had the participation of Secretary Ministry of Steel Mr Sanjay Singh who asked the industry leaders to convert the reserves of iron-ore into resources.

According to Mr Singh, the targeted capacity for steel sector for 2030 as well as 2047 which has been pegged at 300MT and 500MT respectively would be achieved with a proper roadmap in place for it. This would mean that the reserves of iron-ore as estimated would have to be converted into resources as that would be ideal to achieve the desired path, stressed the Secretary Steel.

Mr Kundan Kumar, Advisor, NITI Aayog urged the private sector and the industry to come out with a comprehensive and detailed program for minerals and mines sector and submitted to all stakeholders for necessary action inducing the government so that the required is put in place in terms of policies for the growth & expansion and diversification of Indian mines & minerals sector.

Mr Sumit Deb, CMD, NMDC Ltd. called upon the participants and policy makers to extend their support to the sector to the best of their abilities so that it is operationalized and functionalized accordingly for a broader and wider growth since the sector can substantially increase its contribution to national GDP from current level of 2 percent. 

Mr Sunil Duggal, Whole-time Director & Chief Executive Officer, Vedanta Group in his presentation felt that post-Covid, the mining and mineral sector posted a progressive thinking process, the result of which came out in the form of two days national conference in which enough material was generated for various think-tanks to make future policies for this sector that are forward looking.

Dr Ila Patnaik, Chief Economist, Aditya Birla Group focused on the challenges that minerals and mines sector face in the wake of changing international geo-political scenario, suggesting that focus on exploration would have to be intensified for prospective countries such as India.

The two-day conference included sessions on Industry Vision 2047 for Minerals & Metals Sector in India, Global Landscape for Minerals & Metals Industries, New-Age Minerals: Demand-Supply-Trade Scenario, Minerals & Metals: Technological Innovations and Enabling Factors facilitating Growth in Indian Minerals & Metals Sector.

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