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Impact of lockdown on the mining industry in India

Author

Listed:
  • Pradeep Kumar Jain

    (Indian Bureau of Mines)

Abstract

Mining is an essential industry that will provide key materials needed for India infrastructure development. Mining is one of the core sectors and growth driver of Indian economy. Minerals and ores provide basic raw materials to many important industries like power generation (thermal), iron and steel, cement, petroleum and natural gas, petrochemicals, fertilizers, precious and semi-precious metals/stones for jewellery, electrical and electronics equipment, glass, ceramics, etc. The mining sector in India was poised for robust growth in financial year 2020–2021, on the back of rising demand from end-use sectors and fresh investments announced by the mining companies. However, the spread of COVID-19, right at the beginning of the financial year, has led to disruptions across industries. There is a significant scope for new mining capacities in iron ore, bauxite, coal and other minerals and considerable opportunities for future discoveries of sub-surface deposits. Infrastructure projects continue to provide lucrative business opportunities for steel, zinc and aluminium producers. Iron and steel make up a core component for the real estate sector. Demand for these metals is set to continue given strong growth expectations for the residential and commercial building industry. India’s mining sector expected to show positive growth in 2021 compared to 2020. As different arms of the government work with stakeholders to bring the economy on the growth path, it is important for the policymakers of mining to continue making such changes to the policies, which can ramp up the contribution of the sector to GDP. In the present paper, an overview of impact of lockdown on the mining industry in India is discussed with special reference to production scenario of minerals, employment, export-import scenario of ores and minerals and other developments during the period.

Suggested Citation

  • Pradeep Kumar Jain, 2021. "Impact of lockdown on the mining industry in India," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 34(2), pages 331-335, July.
  • Handle: RePEc:spr:minecn:v:34:y:2021:i:2:d:10.1007_s13563-021-00263-6
    DOI: 10.1007/s13563-021-00263-6
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