Odisha to play the key role in achieving $ 5 Trillion economy

#Odisha #aluminium #economy
Odisha to play role in boosting the economy

Bauxite is the ore from which aluminium is produced. Aluminium is a strategic metal for the country and is quite critical for all the key sectors that will aid in India becoming a $5 trillion economy — right from building and infrastructure to aerospace, electrical distribution and more. There is need for a holistic approach must be adopted for utilisation of India’s abundant bauxite resources and curbing unnecessary imports of this abundant ore. India is ranked fourth in the world in terms of bauxite reserves and has high quality metallurgical grade bauxite deposits with close to four billion tonne reserves. However, these abundant bauxite deposits are largely untapped, and the country is yet to leverage this natural wealth for economic growth and development.

At the same time, there have been continued imports of bauxite to meet the domestic need of existing and newly established industries. The country continues to heavily import bauxite for its industrial needs causing an estimated forex loss of over $571 million in the last six years alone, whereas Odisha has enormous potential to emerge as a manufacture of the base metal, India is in a unique position to leverage and become a manufacturing nation. However, there are certain regulatory challenges that the sector faces that need to be addressed to ensure that odisha plays a major role in contributing to a self-reliant India, yes there is a potential which is well placed. Sources said, Indian manufactures can import from neighbouring country Thailand but they found difficult to get from inside India, it is need to be addressed by the regulatory .India continues to import aluminium and aluminium scrap thanks to a low import duty. The concern is on, Indian aluminium one of the most expensive metals thereby discouraging manufacturers to source from Ind.