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Welcome to IME 2016
Mining is one of the core sectors that drive growth in an economy. Not only does it contribute to GDP, it also acts as a catalyst for the growth of other core industries like power, steel, cement, etc., which, in turn, are critical for the overall development of the economy. Our analysis has shown that every one percent increment in the growth rate of mining and quarrying results in 1.2 – 1.4% increment in the growth rate of industrial production and correspondingly, an approximate increment of 0.3 percent in the growth rate of India’s GDP. India is well endowed in terms of most minerals. The country produces as many as 87 minerals, including 4 fuel minerals, 10 metallic minerals, 47 non-metallic minerals, 3 atomic minerals and 23 minor minerals (including building and other materials).
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Future of the Mining Industry of India
• Despite the worldwide slowdown, India is still the second-fastest growing economy, after China
• Demand for minerals, as well as for mining services, is robust in the country
• Mining in India is becoming more structured, and companies have started outsourcing part of the project to mining service companies
• The largest mining company in India, i.e., Coal India Limited (CIL), plans to invest around INR 254 billion during the Twelfth FYP (2012–17)
• Contract mining could prove to be a solution to the on-going current coal deficit in country
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