Resource scarcity and a depleting ecosystem are some primary concerns of the metal and mining industry in India. To ensure resource efficiency, the industry can incorporate strategies promoting circular economy. For instance, adopting recycling practices—such as re-mining to extract valuable metals from mining wastes—can be considered to minimise burden on new extraction activities. Focus can be laid on increasing the collection and processing of domestically procured metal scrap, which can help in reducing carbon footprints and maximising efficiency while simultaneously reducing import dependency. Although the government is taking several recycling initiatives, further accelerating incentivisation can encourage producers to increasingly adopt a sustainable value chain. Besides this, ramping up restoration of mined-out areas to re-establish biodiversity is another option. While mine reclamation initiatives—such as reforesting nearby areas, revival of natural waterbodies and construction of water reservoirs—can help in restoring the ecosystem, the cost of these should be budgeted optimally at the time of project commencement. Provisions surrounding reclamation projects, such as mine closure plans and financial assurance, can be further tightened and extended across all sectors. Taking cues from global best practices, India can further ensure stricter compliance of regulations. China and Canada, for instance, have rigorous norms surrounding sustainable mining, which can serve as a blueprint for future strategies.
Given the urgent need for transformative changes, some Indian industry organisations have introduced measures to promote sustainability. In 2021, for instance, a steel producer commissioned its first 0.5 MnTPA steel recycling plant; three of its production facilities also received the highly valued Responsible Steel Certification. With countries increasingly prioritising sustainable sourcing by establishing specific standards, obtaining such certifications can enhance the global competitiveness of Indian companies. The government too can promote these companies as priority exporters in export corridors, which would incentivise more firms to adopt sustainable measures.
Despite increasing efforts, India’s metal recycling rate, however, has been below the global benchmark. Corrective measures, such as expanding R&D to explore innovative ways of recycling, increasing awareness among industry players and promoting practices to encourage a closed-loop economy can be considered.
