India is one of the very few countries where mining is still growing
Mining would continue to play an important role in India. In actuality, mining accounts for 4 per cent to 5 per cent of our total GDP. Around 60 to 65 percent of India's electricity still comes from coal. By 2025, the Ministry of Coal wants to expand coal production from its current level of 740鈥�750 million tonnes to one billion tonnes. India is still one of the few nations in the world where mining is still a major industry. Because of this, even German businesses are optimistic about India.
The export of German mining equipment to India increased by over 404 percent in the first seven months of this year. At IMME, we have 13 German companies that are upbeat about the potential India offers in the mining sector. German businesses are in a position to benefit both India and Germany by offering high-quality, safe technology and equipment for the mining industry. Energy efficiency is a further crucial factor. Indian businesses will soon release items that save energy.
You spoke about energy efficiency. How about sustainability in the mining industry?
VDMA made an effort to advance the idea of smart manufacturing at Bauma in Germany. We are discussing the creation of interoperability between devices so that real-time data can be recorded and there is seamless data flow from one machine to another. Through that, mining operations may be made more effective, and trucks can be coordinated to prevent time wastage. Additionally, there won't be any maintenance issues. The mining sector will adopt ideas like IoT, conditional monitoring, etc.
What are the various challenges of the mining industry?
The entire procedure鈥漟rom purchasing the land to carrying it out鈥漨oves a little slowly. India is heading in the direction of mining developers and operators (MDO). In the coming years, I believe there will be an exciting evolution.
How do you envisage the mining industry in the next five years?
One of the very few nations where mining is still expanding is India. Due to the greater quality of the imported coal and our inability to supply India's present demand, we must import a certain amount of coal. There will be significant growth during the next five years.
The government is putting a lot of effort into helping India transition from an economy worth $1 trillion to one worth $5 trillion. The mining industry is benefiting greatly from incentive programmes for production. We have high hopes for the market.
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