Untapped mines could save India $100 bn: CSEP

India could save over $100 billion every year in import bills if it develops its domestic mineral resources instead of relying on foreign supplies, according to a new report by the Centre for Social and Economic Progress (CSEP).

- SAKET KUMAR

‘The discussion paper, “India’s Mineral Requirements ina World of Economic and Geopolitical Transition,” argues that “sourcing more minerals within the country can save over $100 billion in imports every year,” while also. creating large-scale employment and boosting industrial growth. Despite its rich geology, India has explored only 30 per cent of its known potential, the report notes. The mining sector contributes just 2 per cent to the GDP, compared to 7.5-12 per cent in countries such as Australia and South Africa.