Copper industry urges govt to remove bottlenecks

Copper sector, which is facing a crisis due to falling prices and cheap imports, today urged the government to eliminate the bottlenecks to ensure sustained growth.
"The copper industry is facing trade-related issues like inverted duties due to free trade agreements (FTAs) and withdrawal of export incentives. The government needs to eliminate the bottlenecks and harvest the growth potential of the sector to ensure sustained growth," Hindalco Industries President Ajit Ranade said at the India Copper Forum here.
On industry's demand for anti-dumping duty on copper, Ravi Capoor Joint Secretary Ministry of Commerce and Industry asked the industry to push for safeguard duty as was done in the case of steel.

Going by the import data, Capoor said there is a clear case for safeguard on copper plates and tubes and if the industry can bring up their case to the government "we will respond to it in two months".
International Copper Association India in association with Hindalco Industries and Vedanta organised the India Copper Forum today, bringing together experts and thought leaders from the ministry and copper fraternity to deliberate on opportunities and challenges faced by the industry.
Ranade said falling oil prices and the depreciating currency have given de facto monetary stimulus to the macro strength and stability of the Indian economy. The GDP growth is consistent, inflationary pressure is lower and fiscal and trade deficit have reduced substantially. Copper is a modern sector with a healthy growth outlook.

"We are hopeful the industry and the government will work collaboratively to overcome the current issues and challenges and find new solutions to give fillip to the copper sector, ICA India Managing Director Sanjeev Ranjan said.
Copper is a USD 8 billion industry in India having created 50,000 direct and indirect jobs and growing at a CAGR 5-7 per cent per annum.
Stressing the need for adoption of copper, Balvender Kumar Secretary Ministry of Mines said: "Copper industry is vital for the infrastructural growth of the Indian economy. At a time when the economy is steadily growing and also opening-up, there is tremendous scope for growth of copper in the future. In the coming years mining of copper ore will increase substantially and there will be more scope for copper production in India.