India’s mining sector can add $500 billion to economy by 2047: Report

New Delhi, May 9 (IANS) The mining industry of India has potential to contribute an additional $500 billion to the economy and generate nearly 25 million new jobs by 2047, provided the industry adopts advanced technologies and sustainable mining practices, a report has said.

The joint report by Deloitte and the Indian Chamber of Commerce (ICC) said that the nation’s mining ecosystem is entering a major transformation phase as demand for minerals rises due to rapid infrastructure development, clean energy goals and manufacturing expansion.

It noted that the mining industry could play a major role in supporting India’s ambition of becoming a $30 trillion economy by 2047.

At present, the sector contributes around 2-3 per cent directly to India’s GDP while also supporting core industries such as steel, cement, automobiles, power and infrastructure.

The report highlighted that India’s mining sector is gradually moving beyond the Mining 4.0 phase, which largely focused on automation and digitalisation, towards a more integrated ‘Mining 5.0’ model driven by artificial intelligence, advanced analytics, digital twins and connected operational systems.

It has described ‘Mining 5.0’ as a shift from conventional volume-based extraction to a more technology-enabled, sustainable and value-focused mining ecosystem.

Many Indian mining companies have already adopted isolated digital technologies, but a lack of integration across operations continues to remain a challenge, the report said.

However, it warned that fragmented digital adoption could limit the long-term value of such investments unless companies build unified and connected decision-making systems across planning, production, logistics, maintenance, safety and sustainability operations.

Meanwhile, policy reforms, rising demand for steel, the growing need for critical minerals and the government’s Atmanirbhar Bharat push are accelerating transformation in the sector.

The report also identified technologies such as AI-powered predictive safety systems, autonomous mining operations, real-time monitoring platforms and hybrid cloud-edge digital infrastructure as key drivers of the future mining ecosystem in India.

–IANS

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