: ‘Mining critical for India’s growth, govt support needed’ #FinanceIndia #StockMarketNEWS #Business Press Trust of India Kolkata The mineral and mining sector will be critical for India’s

@stockMarketNEWS Tue 22 Nov, 2022

Posted in: #FinanceIndia #StockMarketNEWS #Business

‘Mining critical for India’s growth, govt support needed’ #FinanceIndia #StockMarketNEWS #Business
Press Trust of India

Kolkata

The mineral and mining sector will be critical for India’s development agenda going forward as the country aims at a multi-fold growth in GDP, industry captains said on Wednesday.

The government has to incentivise, offer regulatory flexibility and deregulate critical mineral mining to boost the sector, CII National committee on mining chairman and Vedanta group CEO Sunil Duggal said.

Speaking at the IMME and Global Mining Summit 2022 here, Coal India Chairman Pramod Agrawal said India has to grow and the mining sector is “critical for the growth�?.

“The government is aiming at doubling the sector’s contribution to GDP to five per cent by 2030 from 2-2.5% now,�? he said, while emphasising on productivity with sustainability, greater use of mechanisation and digitisation.

Duggal said the mining industry “needs incentives in exploration to attract new generation companies into this�?.

He also called for a timeline for environmental and forest clearances in mining, and to resolve land acquisition issues, besides deregulation of mining of critical minerals.

Duggal claimed that the low exploration and mining has resulted in importing billion in 2021, which will swell to 0 billion by 2030.

BEML Chairman and Managing Director Amit Banerjee stressed on emission reduction and mining of critical minerals for new-age technologies in mobile, battery and solar.

NMDC Chairman Sumit Deb stated that minerals are the bedrock for the country’s development.

The sector contributes 2-2.5% of GDP and supports 1.1 crore employment. The industry captains also stated that critical minerals are important for India to derisk itself from dependence on imports for new-age technology products.

Catherine Gallagher, the Minister Of Commercial-South Asia spoke about all support to help India.