Union Coal and Mines Minister G Kishan Reddy termed the Union Budget progressive and futuristic and stated that the budgetary proposals and allocations would propel India into becoming a $5 Trillion economy.
Published Date – 23 July 2024, 09:59 PM
Hyderabad: Union Coal and Mines Minister G Kishan Reddy termed the Union Budget progressive and futuristic and stated that the budgetary proposals and allocations would propel India into becoming a $5 Trillion economy.
The elimination of import duties on 25 critical minerals, with reductions for two others, would reduce costs for industries reliant on these minerals, attract investments in processing and refining, and support the growth of downstream industries, he said, adding that the move was significant for shielding India from elevated levels of import reliance and supply risks owing to the global trends of geo-political turbulence.
The zero import duty on blister copper would stabilise the supply chain for copper refiners, crucial for industries such as electronics and construction, and enhance the global competitiveness of Indian copper products, he said, adding that the budgetary announcements for the minerals sector mark a turning point in modernising India’s mining sector and taking a giant leap towards attaining self-sufficiency.
Further, he said the funding for research programs by the Ministry of Mines would drive innovation and technological advancements in extraction and processing techniques of minerals. “These initiatives reflect our commitment to sustainable development, technological innovation, and economic growth,”he said.
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