The beleaguered mining industry is banking on “disruptive innovation” to achieve the government’s vision of self sufficiency and this burden lies on the companies, according to a survey by the University of Western Australia and global consulting firm VCI.
Environmental pressures still weigh on minds of Indian miners more than their global peers but 93% of Indian mining leaders believe that innovation is critical for long-term business strategy and success as compared with 62% in Australia and 59% in the US, the survey said.
Mining accounts for about 2.5% of India’s GDP. The sector has been struggling with problems relating to environmental and forest clearance approvals, opposition from local communities and land acquisition, which has impeded growth. Prime Minister Narendra Modi-led NDA government is now seeking to attract investors to this sector to scale up domestic production.
Innovation State of Play, a platform created by international consultant VCI and University of Western Australia, conducted a survey of miners across the globe.
The India report, titled ‘How can India unleash its potential to become a world mining superpower’, compiles views from 50 mining leaders of India’s top nine mining firms including Adani Group, Coal IndiaBSE 0.90 %, Jindal Steel and PowerBSE 5.32 %, Tata Steel and Vedanta Resources.
“To achieve the government’s vision of self-sufficiency, it cannot just catch up to the rest – it must disrupt the whole industry,” said the report. Quoting a CEO anonymously, it adds, “India has to leap .. Read More…
Credit By: The Economic Times
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