Role of Innovation in The Growth of Indian Mining Industry The Indian Mining industry is lagging behind due to a set of complicated issues including, but not limited to, complex global regulations, foreign policies, lack of innovation and transparency and local problems. According to the recent survey by the global consulting firm VCI and The University of Western Australia, India can help its mining sector take flight with the help of disruptive innovation. They have to destroy the existing and outdated mining practices with the help of the Government and, make way for innovative measures that comply with global regulations on environmental safety and sustainability. The responsibility lies primarily with the private companies to mend their ways as quickly as possible to enhance growth.
In the report titled, “How can India unleash its potential to become a world mining superpower”, the valuable views of 50 industry leaders from the foremost mining companies in India, like Coal India BSE, Jindal Steel, Tata Steel, Adani Group and more, have been compiled. According to those views, The mining industry in India has to take a huge leap in terms of development and innovation and cover a period of about 50 years in 5. Yes! It is going to be a gigantic step, but if succeeded, it will prove to be one of the most intelligent decisions ever taken in the history of the mining industry in India. How Can the Mining Industry Take The Big Leap? As mentioned before, “disruptive innovation” is the key to success. A mining contractor company in India that abolishes outdated practices and embrace innovation, will be able to take this leap more effectively. Of course, the contribution of the Government will matter the most, in terms of new and improved regulations on both social and environmental sustainability. At present, the Government is solely focussed on how to clean the mining industry of illegal practices, thereby affecting growth to