(MENAFN- KNN India)
India Promotes Copper Industry To Meet Demand In Future
New Delhi, Aug 8 (KNN) Copper will witness huge demand in future, especially from rural applications, said, Sanjiv, Joint Secretary, DPIIT, addressing the session 'Role of Copper Industry in Indian Economic Growth', organized by FICCI, jointly with International Copper Association.
He said that it is an integral part of human civilization and is going to witness huge demand in future, especially from rural applications.
Sanjiv further emphasised on the domestic value addition for the copper products.
He highlighted on the importance of securing supply of copper concentrate for which he outlined the initiatives taken by the Government of India, for increasing domestic mining as well as to acquire copper mines abroad, especially in Africa.
He also stated that to be competitive globally, the prices of domestic manufacturers should be at par with the landed price of imports.
Stressing on the importance of copper in the Indian economy, Sanjiv mentioned that there is a need to create an entire ecosystem taking all the stakeholders together as every segment is interdependent.
SK Roongta, Mentor, FICCI Non-Ferrous Metals Committee said that the role of copper has become vital as India's growth has picked up with recent urbanisation.
He mentioned different industries like electrification, defence, renewable, etc. that require copper as the major element. However, there is very little integration of copper value chain in India as compared to other countries.
“The need of the hour is to plan and prioritise copper integration right from mining ore to the production of copper products,” he added.
Puneet Khurana, Deputy Chief Executive Officer, Sterlite Copper emphasised on the initiative of Atmanirbhar Bharat and the importance of attaining self-sufficiency in copper production to meet the forecasted demand, citing the example of self-sufficiency attained by Japan.
He further recommended on securing the copper ore supply, collaboration among the government and industry for overseas mineral asset acquisition, removal of inverted duty structure, promotion of organised recycling of scrap and review of the FTAs, upcoming as well as entered into.
The panel comprising of representatives from the Government and the industry, discussed on the facilitating role of Mineral Security Partnership and the recent amendments in the MMDR Act for the Indian copper industry.
The panel also discussed on the emerging applications for the copper industry like renewables other than the traditional users like electricals etc.
Sanjeev Verma, Director, Ministry of Mines, Govt of India stressed on the importance of adopting the advanced technology to produce valued added copper products. He also talked about the number of mines available in India and how it will have a direct impact on the production of copper ore, supporting the industry growth plans.
R Saravanabhavan, Deputy Adviser (Minerals), NITI Aayog appreciated the well thought decision of the government to classify copper as the critical mineral, considering that the industry is a high-risk volatility market business.
He emphasized revisiting the FTAs so as to garner maximum advantage from them. He also said that there should be segregation between all the 30 critical minerals in terms of the policies formulated, SOP and growth path.