Indian Govt urged to fast track auction of mineral resources

Time is ripe for India to invest in Peru’s mining sector in Peru given the current and future needs of this country for non-ferrous metals, Jorge Castaneda, Peruvian Ambassador to India, said in New Delhi on 27 Feb 2018.

He highlighted China’s lead in investment in Peru at US$10.1 billion against India’s $30 million.

Addressing a conference on ‘Landscape for Non-Ferrous Metals in India: Vision 2030’, Castaneda pointed to the openness of Peru’s sector for India.

Satish Pai, MD, Hindalco Industries Ltd, also highlighted the the China factor, the underdeveloped scrap recycling sector and the problem of inverted duty structure.

These were the critical challenges affecting a robust growth of the sector.

Meanwhile, the industry has urged the Indian government to fast track auction of minerals to help the producers and meet ever-growing demand from consuming industries.

The call was led by S. K. Roongta, Chairman, Bharat Aluminium Company Ltd and mentor of Non-Ferrous Committee of the Federation of Chambers of Commerce and Industry.

He called on stakeholders to look beyond the current horizon and chalk out a vision for the industry for 2030 that incorporates short and long-term plans for sustainable mining in cooperation with the Ministry of Environment and Forest (MoEF). fii-news.com