On August 15 of 2022, independent India will turn 75. India is on the cusp of a major transformation. India’s youthful and aspiring population deserves double-digit economic growth, jobs and prosperity to all.
Modi 2.0 government, with a stronger decisive mandate in the recently concluded general election will now push its economic agenda very hard with the following objectives:
Steadily accelerate the gross domestic product (GDP) growth rate to achieve a target of about 8 per cent during 2018-23 (this target has been set to catalyse policy action and does not represent a forecast). This will raise the economy’s size in real terms from $2.7 trillion in 2017-18 to nearly $4 trillion by 2022-23. Besides having rapid growth, which reaches 9-10 percent by 2022-23, it is also necessary to ensure that growth is inclusive, sustained, clean and formalised. (1)
India hopes to scale its GDP to $3 million in this fiscal 2019-20 itself. It will make India displace UK and rank 5th in the world economy. It is further expected to reach GDP of $5 trillion and supersede Japan by 2025.
Natural resources and its economic exploitation is one of the major drivers of growth of a nation. With about 1.33 billion population and 328 million hectares of land; India ranks 2nd and 7th in global population and geographical areas respectively. With well-endowed mineral and metallic resource to the extent of 20 percent of global resources, India ranks 4th after China, USA and Russia in the global mineral production. However, it ranks 8th in mineral production in terms of value of minerals.
India has a huge mineral potential, as its prospective geology is broadly similar to that of Western Australia, especially in relation to iron ore, bauxite, coal, diamonds, and heavy minerals sand. The country has identified 5.71 lakh sq. km as the obvious geological potential (OGP) area, but only 10 percent of it has been explored and 1.5 per cent is being mined.
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Steel's Net Zero mission
The country’s commitment to achieving Net Zero within a targeted timeframe will now propel its steel sector towards a sustainable future in line with global trends.
Fuel Price Hike, Supply Chain Disruption Hurt Festive Sales
Supply chain disruptions and fuel price hikes have hurt festive sales in a big way as most auto majors posted decline in sales in October.
Seaborne coking coal offers remain range-bound
Seaborne coking coal offers moved in a narrow range in October amid global supply tightness and healthy spot demand.
Global crude steel output down 8% in September
China manufactured 74 mt in September, fall of 21% y-o-y while India’s production went up by 7% to 10 mt.
MOIL embarks on expansion projects
“Even though our country is blessed with manganese ore reserves, we import 50% of the domestic requirement. We have to lower our import dependence and save precious foreign exchange.” Ram Chandra Prasad Singh, Steel Minister
Iron ore handled by major ports down 17% in H1
The 12 major Indian ports handled 27 mt of iron-ore during H1 of 2021, down by 17% from 33 mt recorded for the corresponding period of previous year.
Shrinking China output to boost India exports
“In the third quarter of 2021, the company actively responded to the pressure from external policies, such as production curtailment and dual control system on energy consumption and intensity, as well as coal resource shortage and surging prices.” Baoshan Iron and Steel Co Ltd
Indian Railways' iron-ore handling up 25% in H1
Indian Railways in April-September of 2021 (H1) transported 84 mt of iron ore, up by 25% over 67 mt during April-September 2020.
September crude steel production up 7.2% y-o-y
India’s crude steel production in September 2021 grew 7.2 percent to 9.547 million tons (mt) over September 2020 but was down by 3.2 percent from August 2021 output, provisional steel ministry data showed.
“Five enablers: way forward to sustainable cleaner steel”
Right and scalable technology, appropriate policy guidance by government, access to finance to fund transition, willingness of customers to pay for cleaner products and infrastructure for use of new technologies are the need of the hour for the sustainable and cleaner steel industry, according to Madhulika Sharma, Chief Corporate Sustainability, Tata Steel.
