Dig Deeper

The thrust on infrastructure projects is creating demand for advanced mining equipment and manufacturers are happy with the development.

- Madhukar Joshi

A 6,000-year old industry, mining is the provider of primary ingredients to all the core industries which are considered as the backbone of a country’s economy. What matters to this industry is the government’s support in terms of regulating mining and advanced equipment.

According to a report published by Allied Market Research, the worldwide mining equipment market is expected to reach $155.9 billion by 2022, demonstrating a robust 7.9% year-on year growth between 2016 and 2022.

In India, during the current financial year, till January 2018, mineral production volumes posted a healthy 6% growth visà-vis the corresponding period of the previous financial year. Besides generating employment, the sector also generates sizable revenues for the central and state governments in India through auctions of mineral blocks and taxation.

MINING AT A GLANCE

A majority of mining activity in India is coal mining (80%), with metals and minerals constituting the remaining 20% . Amongst 80-plus metals and minerals found in India, the predominant ones include bauxite, chemicals, copper, diamonds, gold, iron, lead, uranium, and zinc. The other significant raw material include natural gas, petroleum, rock, stone, and water.

Over the past few years, the mining sector has been facing some serious legal challenges. There have been instances of ban on mining activities in several states. Sand mining, for instance, came under serious scrutiny with courts placing bans on mining of river sand to protect ecological balance.