Indian Chamber of commerce organised the 4th India Minerals & Metals Forum on 24th June 2015 at Hotel Le Merdien, New Delhi.
The eminent speakers who addressed the summit included Dr Anup K Pujari, Secretary, Ministry of Mines, Government of India, Mr Anil Swarup, Secretary, Ministry of Coal, Government of India, , Mr Malay Chatterji, CMD, KIOCL, Mr Vishal Agrawal, VC & MD, VISA Steel, Mr Anjani Kumar Agrawal Global Steel Leader Ernst and Young & Mr. Roopen Roy, President Indian Chamber of Commerce.
A knowledge document jointly prepared by Indian Chamber of Commerce & Ernst & Young was also released on the occasion.
Secretary, Ministry of Mines, Dr. Anup K Pujari mentioned that the government reassures the corporate and consumer sentiment significantly. Adoption of various structural and pro-business reforms is likely to put the economic growth back on track in a phased manner. Expected improvement in domestic GDP growth is likely to improve both domestic demand for the various base metals such as iron & steel, aluminum and copper. Additionally, expected reduction in interest rate in early CY 2015 in the wake of moderation of inflationary pressure is likely to boost the credit off take and improve overall investment on one hand and augment the demand of end-user segments on other. Thus, we expect domestic demand for metals to improve in 2015 following a recovery in the end-user industries such as industrial construction, civic
infrastructure, power, automobiles, industrial machinery, and consumer goods, among others.
Mr. Anil Swarup , Secretary, Ministry of Coal, Government of India said that the Minerals like manganese, lead, copper, alumina are also expected to witness double digit growth in the years ahead. There is significant scope for new mining capacities in iron ore, bauxite, and coal.
India has an advantage in the cost of production and in conversion costs of steel and aluminium. Sustained growth in India’s automotive sector has been driving demand for steel and aluminium. The power sector accounts for a large share of the consumption of aluminium and coal in the country. Infrastructure projects continue to provide lucrative business opportunities for steel, zinc and aluminium producers.
Demand for iron and steel is set to continue, given the strong growth expectations for the residential and commercial building industry. However , some of the challenges like depleting resources and reserves of iron ore, steel, etc increasing competition, lack of eco-friendly technologies in the mining and production process, lack of better infrastructure and stricter norms to bring demand at part with supply, etc needs to be addressed.
About Indian Chamber of Commerce (ICC)
Indian Chamber of Commerce (ICC) is one of the most pro-active and forward-looking Chambers in the country today. Its membership spans some of the most prominent and major industrial groups in India. ICC’s forte is its ability to anticipate the needs of the future, respond to challenges, and prepare the stakeholders in the economy to benefit from these changes and opportunities. Several of the distinguished industry leaders in India, such as Mr. B M Birla, Sir Ardeshir Dalal, Sir Badridas Goenka, Mr. S P Jain, Lala Karam Chand Thapar, Mr. Russi Mody, Mr. Ashok Jain, Mr. Sanjiv Goenka, have led the ICC as its President. (www.indianchamber.org)
For more information, please visit www.indianchamber.org