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Mining companies in the world are keen on investing in India, but the Government should formulate a comprehensive policy to facilitate FDI in the sector, says Vedanta Resources CEO Tom Albanese.
Albanese, who was here on Thursday to participate in a three-day seminar on the aluminium industry, said in an interview that the call of Prime Minister Narendra Modi for promoting ‘Made in India’ goods was really encouraging to the investors abroad, but a suitable climate should be created. “In that context, the Government should take a re-look at the various mining proposals made by companies. Value addition should be encouraged and India can become self-sufficient in many metals,” he said.
“Prime Minister Modi’s initiatives after a decisive mandate have generated tremendous enthusiasm among investors from the US, China, Australia, Canada and other countries.”
Albanese said the hue and cry raised over bauxite mining proposals in Andhra Pradesh, Odisha and elsewhere was ‘unwarranted’, as eco-friendly technologies were available to explore and exploit the reserves in a sustainable manner. “We want to contribute to the welfare of all stakeholders by providing job opportunities and developing local communities. We have the best technologies available and only the best practices will be followed even in disposal of red mud and reusing it.”
By promoting value addition, the Indian aluminium sector, placed fifth in the world, had the potential to grow into a $210-250 billion industry. Dedicated industrial parks for aluminium industries should be developed, the CEO added.
India had 250 billion tonnes of coal reserves and rich bauxite deposits in Odisha and Andhra Pradesh. Indian aluminium industry could prevent drain of foreign exchange if value addition in the sector was promoted in a big way for aerospace, defence, shipping and other sectors, said Albanese.
The per capita aluminium consumption in India is only 1.7-1.8 kg. “India’s metal consumption is one-tenth that of China. If metal production and consumption are increased, India has the potential to make substantial strides,” he added.
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