Advantage India
Demand
Growth
*Being the third largest energy consuming country in the world, there is always increased demand for power and electricity in the country, and hence the surge in demand for coal.
*Demand for steel is likely to grow by ~10% as the government’s augmented focus on infrastructural development continues with increased construction of roads, railways, airports, etc.
*India has set the targets of achieving a total crude steel capacity of 300 million tonnes per annum (MTPA) and total crude steel demand/production of 255 MTPA by 2030-31.
Attractive
Opportunities
*By becoming Aatmanirbhar in producing speciality steel, India will move up the steel value chain and come at par with advanced steel making countries like Korea and Japan.
*Under PLI Scheme for Specialty Steel, 67 applications from 30 companies have been selected that will attract committed investment of Rs. 42,500 Crore (US$ 5.1 billion) with a downstream capacity addition of 26 million tonne and employment generation potential of 70,000.
Policy
Support
*Enactment of Mines and Minerals (Development and Regulation) Amendment Act, 2021 enabled captive mines owners (other than atomic minerals) to sell up to 50% of their annual mineral (including coal) production in the open market.
Competitive
Advantage
*India holds a fair advantage in cost of production and conversion costs in steel and alumina.
*As of FY22, the number of reporting mines in India were estimated at 1,319, of which reporting mines for metallic minerals were estimated at 545 and non-metallic minerals at 775.
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