KOLKATA: The Finance Minister’s announcements on structural reforms in coal and mineral resources will bolster India’s production of these critical resources. India is blessed with abundant reserves of coal, bauxite and other mineral resources and this shall ensure raw material security for industry and provide an impetus to India’s efforts towards self-reliance for an AtmaNirbhar Bharat, Ajay Kapur, CEO- Aluminium & Power Business, Vedanta LtdNSE 0.27 % has said.
The Indian aluminium industry has made huge investments of Rs 1.2 lakh crore ($20 billion) to enhance domestic production capacity from 2 million tonne per annum (mtpa) to 4.1 mtpa to cater to the country’s aluminium demand, creating over 1 million jobs and having developed over 4,000 SMEs in downstream sector, he said.
Despite having sufficient domestic aluminium capacity, currently 60% of the India’s consumption is being imported, resulting in forex outgo of US$ 5.5 billion (Rs 38,000 crore). “The domestic industry is completely capable of catering to the country’s domestic demand thus mitigating the need for imports,” Kapur pointed out.
