Prelims: Current events of National and International Importance | Indian Economy
Why in news?
India recently unveiled Aluminium and Copper Vision Documents 2047, which is aligned with Viksit Bharat vision.
- Aluminium vision document – It is a pivotal step in charting the sector’s future and outlines a growth roadmap to transform India into a global aluminium hub.
- Aluminium will be critical in driving the country’s journey towards becoming the third largest economy and a developed nation by 2047.
- Objectives – It aims to scale aluminium production from 4.5 MTPA to nearly 37 MTPA (Six times) by 2047.
- To expand bauxite production to 150 MTPA by 2047.
- To double the national aluminium recycling rate.
- To promote low-carbon technologies and raw material security.
- Strategic importance of aluminium – The vision highlights aluminium’s critical role in,
- Clean energy systems
- Electric mobility
- Modern infrastructure
- Achieving net-zero targets
- India is the world’s second largest producer of aluminium, and it accounts for just 6% of global production.
- It points that significant growth potential is there in aluminium production as there is more untapped resource.
- Copper vision document – It provides a long-term strategy to meet growing domestic demand while ensuring raw material security,
- Objectives – To scale up aluminium production by six times from current production by 2047.
- To add 5 MTPA smelting and refining capacity by 2030.
- To focus on secondary refining, domestic recycling, and securing overseas mineral assets.
- The document anticipates that copper demand will increase six-fold by 2047.
- Copper's role in green technologies – The vision recognises copper’s essential role in,
- Energy transition
- Infrastructure development
- Electric vehicles and solar power
Significance of the Aluminium and Copper Vision documents
- Achieving Aatmanirbharta (self-reliance) in production.
- Strengthening raw material security.
- Promoting circular economy and recycling.
- Enhancing value-added exports and global market share.
Reference
The Hindu| India’s Aluminium & Copper Vision Documents