Lack of transparency and a difficult bureaucracy underpinned by multiple agencies are creating obstacles in the growth of India’s mining industry, says a report. The report — ‘How can India unleash its potential to become a world mining superpower’ — points out restrictive foreign investment regulations and intense local complexities as other additional factors impeding the sector’s growth.
The findings are part of 2017 Global Mining Industry Summary Report prepared by Innovation State of Play, a survey and analysis platform founded by VCI in partnership with The University of Western Australia.
The research conducted across the globe from August 2016 -March 2017, reveals India’s status in the global natural resources space and the impact of innovation, government regulations and foreign investment on the recovery of India’s mining industry.
The report surveyed views from over 50 leaders from India’s top nine mining firms including Adani Group, Coal India Limited, Jindal Steel and Power Limited, Tata Steel Limited and Wipro Limited.
Of the Indian CEOs interviewed for the report, a majority feel that influencing government to alter policy settings, establishing industry collaboration platforms and the government’s plans of ushering in transparent private investment could be the catalysts for innovation in the Indian mining industry.
“This country focused report on India is yet another effort to help contribute to our understanding of the global innovation ecosystem, that Indian CEOs are increasingly a part of,” Innovation State of Play India Country Director Peter Nicholls said.
The survey findings are intended to help CEOs and senior executives improve the way they use innovation to position and architect their businesses for the external drivers and competition they will face in times ahead, he added.
As per the report, the Indian CEOs agreed that creation of more jobs will inevitably take place as a result of greater innovation and disruption, which India needs in order to become a mining superpower.