The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has called for Indian steel companies to be allowed to own captive iron ore resources in order to ensure sustainable growth.
ASSOCHAM stated that all integrated steel plants capable of undertaking viable, scientific and efficient iron ore mining should have captive iron ore mines made available to them.
India currently produces about 65 million mt of steel per year, while the country needs nearly 500 million mt of steel per year for the development of its infrastructure. Accordingly, India should control its exports of iron ore for the purpose of domestic consumption, as stated by ASSOCHAM.