‘Expand assets like Hindustan Copper’: Anil Agarwal calls for boosting domestic mineral production

Indian industrialist Anil Agarwal, known as the “King of Metals,” recently took to social media platform X to highlight the gap between consumption growth and domestic production in several key industries over the past three years.

Agarwal pointed out: “Copper consumption increased by 22%, while copper concentrate production increased by only 4%. Aluminum consumption increased by 13%, but the raw material bauxite increased by only 6%.”

He further pointed to similar trends in ferroalloys and steel, where demand exceeds domestic production of raw materials.

Agarwal said this imbalance has led to steady growth in India’s imports of minerals and metals. He stressed that natural resources already accounted for a large portion of the country’s import bill, saying, “50 percent of our annual import bill (approximately $380 million of $760 million) is generated by natural resources.”

With the Indian economy expected to grow rapidly, demand for metals and oil is expected to accelerate further, potentially exacerbating the import situation.

Agarwal called for greater private sector participation in mineral exploration and streamlined cleanup processes. “We should consider brownfield expansion of assets like Hindustan Copper, Bharat Gold and Huti Gold with private sector participation,” he suggested.

The industrialist believes that harnessing India’s vast geological potential could potentially “eliminate poverty” by reducing imports and creating massive employment opportunities, especially for lower-skilled workers.

Agarwal concluded by drawing comparisons with other developed countries, noting: “Every country that has made progress has made full use of its underground resources. We should do the same.”

Indian Copper Industry Outlook

The mining industry plays a pivotal role in India’s economic development, providing essential raw materials to key industrial sectors. A report by the India Brand Equity Foundation (IBEF) shows that as a country rich in mineral resources, India is fully capable of leveraging its natural wealth to drive industrial growth and enhance its global competitiveness.

India’s mineral resources are rich and diverse, covering both metallic and non-metallic resources. These rich mineral resources form the backbone of the country’s mining industry, which has shown great potential for expansion and modernization in recent years.