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Non-ferrous Metals Industry To Undergo Complete Paradigm Shift Post Unlocking

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VK Saraswat, Member, NITI Aayog said that there is a need for a well-developed non-ferrous metals industry in India as it provides important raw material to many industries which are the backbone of economic development. With increasing usage of these metals in several existing as well as emerging applications coupled with new technologies, we can expect a paradigm shift that can change the way non-ferrous metals will be produced and consumed in the future, he added.

Addressing a webinar on 'Indian Non-Ferrous Metals Industry,' organized by FICCI, Saraswat said that as the demand in end-use sectors pick up in future, post unlocking, the non-ferrous metals industry will undergo a complete paradigm shift. Strong domestic demand along with government reforms will maintain the economic growth momentum going forward. A major push is expected to emerge with the help of various reforms by the government which will help the industries like non-ferrous metals, he said.

In order to further boost the sector, Saraswat emphasized on early implementation of the recycling policy. He further stated that industry must also invest more on the R&D in order to become globally competitive. Government's role is to provide policy initiatives and ease of doing business, but industry must come forward with investments in high value products for producing not only for the domestic markets but also for exports, he noted.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, October 23 2020. 12:52 IST