New Delhi, May 9 (IANS). According to a report, if India’s mining industry rapidly adopts modern technologies and sustainable mining methods, it can contribute an additional $500 billion to the country’s economy by 2047 and create about 25 million new jobs.
According to a joint report by Deloitte and the Indian Chamber of Commerce (ICC), India’s mining sector is entering a period of major transformation as demand for minerals is increasing due to rapidly expanding infrastructure, clean energy targets and expanding manufacturing sector.
The report says that the mining industry can play an important role in India’s goal of making it a $30 trillion economy by 2047.
At present, the direct contribution of the mining sector to India’s GDP is about 2 to 3 percent. It also supports major industries like steel, cement, automobile, power and infrastructure.
According to the report, India’s mining sector is now moving beyond ‘Mining 4.0’ to ‘Mining 5.0’ model.
‘Mining 4.0’ was primarily based on automation and digital technologies, while ‘Mining 5.0’ will use Artificial Intelligence (AI), advanced analytics, digital twins and interconnected operational systems.
The report says that ‘Mining 5.0’ is a major shift away from the traditional mining model towards a technology-based, sustainable and high-value mining system.
According to the report, many Indian mining companies are already using different digital technologies, but there are still challenges in making these technologies work together.
The report warns that if companies do not link planning, production, logistics, maintenance, safety and sustainability operations into integrated digital systems, the full benefits of digital investments will not be realized.
The report said that policy reforms, increasing demand for steel, need for critical minerals and the government’s Atmanirbhar Bharat initiative are driving rapid changes in the mining sector.
Additionally, technologies such as AI-based security systems, automated mining operations, real-time monitoring platforms and hybrid cloud-edge digital infrastructure are touted to be the cornerstone of India’s future mining sector.
–IANS
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