Rs.120bn PLI revitalizing manufacturing of heavy mining-construction equipment
The Ministry of Steel has established 57 Memorandum of Understanding (MoUs) with 27 companies, projecting an investment of around Rs.300 billion for creating an additional capacity of approximately 25 million tonnes (MT) of specialty steel over the next five years.
Also, the government’s Rs.120 billion PLI scheme, unveiled on 18 September 2023, aims to revitalizing the manufacturing of heavy mining and construction equipment https://www.conexpoconagg.com/ . The scheme seeks to reduce import dependence and stimulate job creation in a sector vital for rapid infrastructure development.
Driven by such initiatives in advancing Indian economic development, the metal and mining industry plays a crucial role in meeting these demands and driving industrial progress, says a report by ResearchAndMarkets https://www.researchandmarkets.com/ released on 19 Mar 2024.
The report highlighted that metals & mining industry https://worldsteel.org/ production has increased from 1,032.15 million tonnes in 2018 to 1,217.59 million tonnes in 2023, expanding at a compound annual growth rate (CAGR) of ~3.36% during this period.
Essential requirements include iron ore for steel production, bauxite and alumina for the aluminium industry, copper for electrical applications, and coal for energy generation.
Major industry contributors, including Vedanta Limited, Coal India Limited, Hindalco Industries Limited, National Aluminium Company Limited, and Hindustan Zinc Limited, shape the sector’s growth.
The mining and metal industry in India significantly contribute to the nation’s economic growth by providing crucial raw materials for diverse industries, supporting infrastructure development, and manufacturing essential products, said the report.
India is presently the world’s third-largest consumer of electricity, but it is projected to surpass the United States by 2030, becoming the second-largest consumer.
The surge in electricity consumption is driven by ongoing electrification initiatives in rural areas, urbanization, and industrial expansion, with coal being the primary source, constituting 60% of total power generation, leading to increased demand for both electricity and metals like copper essential for electrical applications.
Mining activities have the potential to cause environmental harm, including erosion, sinkholes, biodiversity loss, and pollution of soil, groundwater, and surface water.
Additionally, these operations contribute to climate change through carbon emissions, and their social consequences encompass community displacement, land and livelihood loss, and health hazards, warned the report.
The entire lifecycle of mining, from exploration to decommissioning, can have both positive and negative impacts on social and environmental systems, altering land use, causing deforestation, and disrupting animal migratory routes through associated infrastructure development, it said. fiinews.com