The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has announced that, as a result of a study ASSOCHAM has just concluded, although the southern Indian province of Karnataka’s iron ore resources are over nine billion mt, more needs to be done to create higher reserves so as to ensure the longevity of the industry in the state. In the study, it is stated that at the current requirement level of 35 million mt per year, iron ore reserves in Karnataka would last only for 20 years.
The study points out the impact of banning mining of iron ore and states that the ban will not only damage the mining sector, but also affect Karnataka’s downstream steel industry along with other related industries such as commercial vehicles, equipment and logistics.
In its study, ASSOCHAM has suggested the introduction of a single-window clearance mechanism for approval-seeking processes as greater coordination is imperative between concerned stakeholders in both government and the public sector to ensure that approvals related to reclamation and rehabilitation, forest clearances and others are processed in a time-bound manner.
Considering that the domestic industry largely operates manually, as against a higher degree of mechanization globally, the ASSOCHAM study has recommended adopting advanced technology and best mining practices followed across the world.