Mining sector holds considerable importance as it does not prosper alone but causes an inclusive growth of other industries as well. The growth in the metals and mining sector in India can be attributed to the rise in infrastructure development and automotive production. The benefit which India has is its vast mineral potential. Making it even more enticing is the mining lease awarded for periods of 20 to 30 years. With the National Mineral Policy (NMP) released in 2019 which governs the country’s mining sector, states can avail some powers pertaining to mineral exploration. The policy proposes that local governments can go for auction of mineral blocks with clearances in order to avoid delays in the process of mine permitting and construction.
More and more technologies are finding their way into the mining sector. After the opencast techniques, the sector is aggressively moving towards underground mining and surface drilling technologies.
A major push towards automation in mining is there among the large scale mining operators in India aiming at building initiatives by their respective R&D departments. Another relief or transformation has come in the form of the government of India’s 100 per cent Foreign Direct Investment (FDI) in the mining sector. With time, the exploration of metal and non-metal ores under the automatic route in the segment is likely to grow. Also helping in its growth are power and cement industries that are progressing gradually ahead in metals and mining sector. Once the pandemic subsides, the strong growth expectations from residential and commercial building industry are expected to rise up and the demand will also grow.
New technologies are making their presence felt through their application in the mining industry. There are new avenues opening up for the use of digital technologies, artificial intelligence, and analytics solutions. Having numerous proofs of concept under their belts, mining companies are realizing that the intelligent mine is not just another technology play. Disruptive change which is happening in the environment today is irreversible in a positive way. With miners looking at their operating models in a completely different way, their capability to drive true change and realize the value promised by countless use cases every passing day.