Startups must look for biz opportunities in mining sector: Mines Secretary

There are a lot of business opportunities for startups in the domestic mining sector where production worth around USD 7 billion happens annually, Mines Secretary Vivek Bharadwaj said on Thursday.

The sector faces several technological challenges, and the startups can explore these issues as a business opportunity for them, the official said while addressing the reporters in the national capital.

In the Indian mining sector, production worth USD 7 billion happens every year. Globally, India is the 4th largest in iron ore production and 5th in bauxite. Despite this, most of the startups that are in the area of fintech, edutech, e-com etc, he said at the logo launch event of '1st Mining Start-up Summit'.

On the scope for startups in the sector, Bharadwaj said the players face various technological challenges. During rains and fog, carrying out mining becomes an issue. Challenges are faced in communicating with workers in underground mines. Startups can develop technologies to overcome such issues.

They can also develop techniques to extract nickel from chromite, which is a challenge.

At the summit, the ministry will interact with the participants and see how these startups can contribute to the activities of the mining sector and boost the capabilities of exploration and enhance the production of various minerals, the official said.

Joint Secretary Farida M Naik said the summit is scheduled for May 29 in Mumbai. It is being organised in collaboration with IIT-Bombay.

Around 150 startups are participating in the event which aims at promoting the participation of the new age businesses in the mining sector, she said.