India scaling new heights on the economic horizon

India remained the fastest growing economy last fiscal despite two consecutive deficit monsoons. There is even more optimism this year on the back of expectations of above normal rainfall which could boost rural demand and in turn  have a positive effect on the overall economy of the country. 

The pace at which the decks are being cleared for major projects and thrust on infrastructure and manufacturing will inevitably propel the demand for steel and subsequently zinc for galvanizing of the metal for anti-corrosion and longevity as the projects will need value-added steel. The Indian zinc industry is poised to grow at around 7-8 per cent in the next 5 years, supported by Make in India mission and the steel ministry’s targeted production of 300 million tonne by 2025. Also the proposed 100 smart cities will fuel demand for steel.

Zinc is considered to be the fourth most important metal used in the world following steel, aluminium and copper. This metal is primarily used in the steel industry for galvanizing process. The other uses include die-casting in automobile industry, making battery container parts, used as a substitute to tin and lead pipes. Also, because of the fact that zinc does not corrode due to the non-acidic atmospheric corrosion, it makes the metal worth to use in for extending the life of building structures and modes of transport.

The consumption trend in the world has shown a rising trend during the last past years and is still increasing with the new changes in technology. Currently, there is a deficit in the zinc market when world supply and demand is compared and the deficit is rising with industrial growth seeing increased activity.

Global lead consumption is expected to rise with rapid urbanisation. About 80% of the lead produced  is used in manufacturing lead batteries. There is substantial  growth in the demand for batteries in developing countries reflecting growth rates in the automobile industry, computers, telecommunication and solar energy industries. But it is the most polluting industries affecting the health and environment around the globe. Institutions and global bodies should explore new technologies to  reduce or nullify negative impacts of industrial hazards on residential areas, natural ecosystems, and in most cases, on the industrial site itself.  Efforts must be made to minimize the hazard to the extent that the environment is safe for human habitation and ecological habitability.

Recycling is an adaptation of PM Modi government’s dream project ‘Swachh Bharat’ as well as ‘Make in India as it ensures that all the metal waste (scrap) generated is recycled and reused in an efficient and environment-friendly manner. This not only ensures full utilization of waste material but acts as a raw material. Today, recycling has become a necessity in our society as it has a direct impact on the environment. The use of recycled materials directly translates into fewer natural resources being used and considerably less energy being consumed compared to production processes using virgin materials. 

With the government drawing a new economic order for growth and development with various initiatives such as Ease of Doing Business, Make in India mission and the earnest drive to revive investment cycle, India is racing towards attaining the most enviable position on the global economic horizon.