Role of Innovation in The Growth of Indian Mining Industry

1. Role of Innovation in The Growth of Indian Mining Industry The Indian Mining industry is lagging behind due to a set of complicated issues including, but not limited to, complex global regulations, foreign policies, lack of innovation and transparency and local problems. According to the recent survey by the global consulting firm VCI and The University of Western Australia, India can help its mining sector take flight with the help of disruptive innovation. They have to destroy the existing and outdated mining practices with the help of the Government and, make way for innovative measures that comply with global regulations on environmental safety and sustainability. The responsibility lies primarily with the private companies to mend their ways as quickly as possible to enhance growth. In the report titled, “How can India unleash its potential to become a world mining superpower”, the valuable views of 50 industry leaders from the foremost mining companies in India, like Coal India BSE, Jindal Steel, Tata Steel, Adani Group and more, have been compiled. According to those views, The mining industry in India has to take a huge leap in terms of development and innovation and cover a period of about 50 years in 5. Yes! It is going to be a gigantic step, but if succeeded, it will prove to be one of the most intelligent decisions ever taken in the history of the mining industry in India. How Can the Mining Industry Take The Big Leap? As mentioned before, “disruptive innovation” is the key to success. A mining contractor company in India that abolishes outdated practices and embrace innovation, will be able to take this leap more effectively. Of course, the contribution of the Government will matter the most, in terms of new and improved regulations on both social and environmental sustainability. At present, the Government is solely focussed on how to clean the mining industry of illegal practices, thereby affecting growth to

2. a great extent. Hence, it is upon the private companies to develop their ways and, pay more attention to innovation. The companies are also developing partnerships aboard (China, mainly) to match their preferences and requirements and, to take the industry forward. The CEOs of established private mining companies also believe that innovation will lead the way toward more jobs and better living conditions. What Trends Will Impact The Industry In The Upcoming Years?  Technologies of the Future – The focus will be on technologies that not only meet needs of the present but also of the future. The manufacturing techniques will undergo innovation and develop into something that we call “Technology of the Future”.  Environmental Benefits Due To Innovation – According to the industry leaders, innovation should not only lead to business growth and revenue but also to social and environmental benefits. In fact, a lot of negativity around the industry exists due to its social and environmental impacts. Once those are eliminated, nothing can stop the Indian mining industry to reach where it belongs.  Roadblocks Will Be Taken Care Of – Change of management and policies, development of a strong vision and, a concrete roadmap to attain the goals are necessary for the all round improvement of the mining sector. In the recent years, we are going to see these changes take place with great zeal.  The contribution of the Government – You cannot dream of creating a better mining industry without the active participation of the Government. Whether it is a private mining company in Odisha or elsewhere, the company owners should take help from the Government to implement laws that support and enhance innovation and growth. Otherwise, everything will go to waste. Dreaming of an India, where mining plays a prominent role in the national economy is not impossible even under the current adverse circumstances. If the aforementioned steps are followed, it won’t be long before India will feel proud of its mining industry, which is going to stand as a global example of innovation and growth. Source: of-indian-mining-industry/ https://naaraayaniminerals.wordpress.com/2017/06/08/role-of-innovation-in-the-growth- M/S Naaraayani Minerals Website: http://www.naaraayani.com/ E-mail: info@naaraayani.com Phone No: +91-6767-276511 / +91-983-0702774