SME Times is powered by   
Search News
Just in:   • Taking steps to uplift startups, manufacturing  • SEBI extends timeline for top 100 companies to hold AGM  • Agri exports increase 17.37% in 2020-21  • NCLAT says any further action on Piramal's DHFL Resolution Plan subject to 63 moons plea  • Indian consumers showing reduced anxiety due to vaccine coverage 
Last updated: 24 Oct, 2020  

Iron.9.Thmb.jpg 'Need to develop non-ferrous metal industry'

   Top Stories
» Taking steps to uplift startups, manufacturing
» Agri exports increase 17.37% in 2020-21
» Gig economy to boost employment of Indian women in formal sector
» India improves in UN's Survey on Digital & Sustainable Trade Facilitation
» E-commerce portal of MSME to enhance sector's global reach
SME Times News Bureau | 24 Oct, 2020

NITI Aayog VK Saraswat on Wednesday 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 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.

"The much-needed reforms on guidelines or standards for boosting domestic scrap recycling would be addressed by the Metal Recycling Policy, which the government has formulated along with the industry stakeholders," he said.

Saraswat 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. 

Elaborating on the challenges faced by the industry, Saraswat said that the government is working on issues like inverted duty structure, dumping of goods under various FTAs, poor infrastructure, high logistics & power costs and other taxes. He further stated that leveraging the initiatives like Atmanirbhar Bharat, Make in India and Smart Cities, we can expect opportunities in the manufacturing sector including the non-ferrous metals. 

Bipin Menon, Additional DGFT, Ministry of Commerce & Industry said that there is a need to adapt to newer technologies which will help the growth of non-ferrous metals sector. "As the existing supply chain gets unshackled in the post COVID scenario, all stakeholders need to re-strategize and be innovative," he added.

Speaking on the FTAs, Mr Menon said that the government will take a holistic approach to fine-tune the FTAs in order to align them to Atmanirbhar Bharat program. He highlighted that as an industry and the economy as a whole, we should also try to extract more benefits from such FTAs.

Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 24 Jul, 2021
  Daily Poll
COVID-19 has directly affected your business
 Can't say
  Commented Stories
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter