National capital New Delhi will host the 4th India Minerals and Metals Forum 2015 – Ferrous and Non Ferrous” on Wednesday.
The event to be held at Hotel Le Meridien, will be inaugurated by Union Minister of Steel and Mines Narendra Singh Tomar.
With the Indian economy expected to grow by over seven percent, sectors such as infrastructure and automobiles will receive a renewed thrust, which would further generate demand for power and steel in the country.
This is expected to provide a major boost to the demand of minerals and metals.
Minerals like manganese, lead, copper and alumina are also expected to witness double digit growth in the years ahead.
There is significant scope for new mining capacities in iron ore, bauxite, and coal.
India has an advantage in the cost of production and in conversion costs of steel and aluminium. Sustained growth in India’s automotive sector has been driving demand for steel and aluminium.
The power sector accounts for a large share of the consumption of aluminium and coal in the country. Infrastructure projects continue to provide lucrative business opportunities for steel, zinc and aluminium producers.
Demand for iron and steel is set to continue, given the strong growth expectations for the residential and commercial building industry.
However, some of the challenges like depleting resources and reserves of iron ore, steel etc, increasing competition, lack of eco-friendly technologies in the mining and production process, lack of better infrastructure and stricter norms to bring demand at par with supply etc need to be addressed.