12 SEPTEMBER 2011Steelguru
Mining to play a vital role in India growth
Edited by : AL CIRCLE
2 min read
Mr Prabhas Pande former additional director general of Geological Survey of India said that stating that minerals are precious natural resources for any country. The minerals are nonrenewable in nature and limited in quantity.
Mr Pande said that "Indians have been familiar with minerals since Harappan days. In India, the per capita consumption of most of the minerals like copper, lead, zinc aluminum and related products is one the lowest in the world. The demand for various metals and minerals will grow four to five times in the next 15 years against the backdrop of globally dwindling and increasingly scarce resources.
He said that “Minerals should be looked as potential for income rather than threat. These are vital raw materials for infrastructure, capital goods and basic industries. With the existing mineral potential in India, the aspiration of the mining sector in the GDP is to increase the current contribution from 2% to 3% to 7% to 8% over the next 20 years or so. The mining sector has to play a major role if India has to realize the potential growth of 9% per annum in the coming years. The importance of the sector in the growth of GDP in mineral rich countries indicates ample opportunities available in India on account of its insufficient exploration.”
He emphasized the need for novel approaches for mineral prospecting. He said “At present we earn foreign currency when we export raw iron and also when we process minerals like diamond and copper after importing them in raw form.”
Geologically India has a tremendous potential of targeting deep seated and concealed mineral deposits.
Mr Pande said that "Indians have been familiar with minerals since Harappan days. In India, the per capita consumption of most of the minerals like copper, lead, zinc aluminum and related products is one the lowest in the world. The demand for various metals and minerals will grow four to five times in the next 15 years against the backdrop of globally dwindling and increasingly scarce resources.
He said that “Minerals should be looked as potential for income rather than threat. These are vital raw materials for infrastructure, capital goods and basic industries. With the existing mineral potential in India, the aspiration of the mining sector in the GDP is to increase the current contribution from 2% to 3% to 7% to 8% over the next 20 years or so. The mining sector has to play a major role if India has to realize the potential growth of 9% per annum in the coming years. The importance of the sector in the growth of GDP in mineral rich countries indicates ample opportunities available in India on account of its insufficient exploration.”
He emphasized the need for novel approaches for mineral prospecting. He said “At present we earn foreign currency when we export raw iron and also when we process minerals like diamond and copper after importing them in raw form.”
Geologically India has a tremendous potential of targeting deep seated and concealed mineral deposits.
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