Union Minister of Steel and Mines to inaugurate the ‘4th India Minerals & Metals Forum 2015’
Source: PIB, Government of India
The Union Minister of Steel & Mines Narendra Singh Tomar will be the Chief Guest at the “4th India Minerals & Metals Forum 2015- Ferrous & Non Ferrous” on Wednesday June 24, 2015 to be held at Hotel Le Meridien, New Delhi. The resurgence in domestic economic growth will increase the metal consumption. The formation of new stable government at the Centre has reassured the corporate and consumer sentiment significantly. Moreover, adoption of various structural and pro-business reforms is likely to put the economic growth back on track in a phased manner. Expected improvement in domestic gross domestic product (GDP) growth is likely to improve both domestic demand for the various base metals such as iron & steel, aluminum and copper. GDP growth in first two quarters of FY 2015 has improved as compared to corresponding period in FY 2014. Additionally, expected reduction in interest rate in early CY 2015 in the wake of moderation of inflationary pressure is likely to boost the credit off take and improve overall investment on one hand and augment the demand of end-user segments on other. Thus, we expect domestic demand for metals to improve in 2015 following a recovery in the end-user industries such as industrial construction, civic infrastructure, power, automobiles, industrial machinery, and consumer goods, among others. With the Indian economy expected to grow by over 7% in the years to come, 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. In this present scenario, Indian Chamber of Commerce is organizing the 4th India Minerals & Metals Forum 2015 at Hotel Le Meridien, New Delhi on June 24, 2015.
June 23, 2015 | 04:02 pm IST.