Given the global disruptions amid more competition, Union Mines Secretary Vivek Bharadwaj stressed key points which can boost the sector and said the mining industry should not shy away from going beyond the borders and acquiring niche foreign-based organisations, specialising in areas including engineering, design and other aspects.
His remarks came while addressing the second day of the Special Plenary of CII's Global Mining Summit on Thursday, the Union mines secretary said the country's mining industry needs to have a fresh outlook towards forging a dynamic ecosystem in India.
The Secretary said the mining industry must prioritise developing its strengths in technological advancements and cost management instead of its traditional focal areas of workforce and incentives to stay ahead of the global growth curve.
Bharadwaj added that the country's industry must inculcate strategic thinking going well into the future with a special thrust on innovation to flourish.
"In order to overcome challenges and develop capabilities, it should not shy away from going beyond the borders and acquiring niche foreign-based organisations specialising in areas including engineering, design and other aspects," he added.
While addressing a separate plenary session, West Bengal Minister for Industries, Commerce and Enterprises Shashi Panja said that the state holds rich reserves of several minerals and is one of the leading states in mining.
The Minister who also handles the portfolio of the department of women and child development and social welfare in the state added that West Bengal's potential can be gauged from the fact that it has Asia's largest coal mine and that its mining industry has grown at a compound annual growth rate (CAGR) of 7.1 per cent in the last four fiscals.
She highlighted that in addition to traditional minerals, the state is poised to emerge as a major oil and shale gas supplier.
While welcoming the Union mines secretary, Sunil Duggal, Chairman, CII National Committee on Mining and Group CEO, Vedanta, appreciated the efforts taken by the government in recent years to uplift investors' confidence and sentiments in the sector.
( With inputs from ANI )
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