In an attempt to leverage the huge capabilities of India’s startup ecosystem, the mines ministry organised India's first start-up summit in Mumbai, in collaboration with IIT Bombay, on May 29.
Pralhad Joshi, union minister of parliamentary affairs, coal and mines in the inaugural session said public sector undertakings (PSUs) in the mining space should earmark an amount for the purchase of products developed by start-ups in India, which will provide them initial stability.
As part of the summit, major metal and mining companies of the country also sought start-up solutions in the space of waste utilisation, water conservation and hardware solutions for mining.
Top executives from metal and mining companies – Nalco, Hindalco Industries, NMDC and Hindustan Zinc – also highlighted areas where the industry is seeking start-up-based solutions.
Satish Pai, managing director of Hindalco Industries, during a presentation at the summit, said water treatment solutions, hardware manufacturing of drones and waste utilisation are some of the areas where he would like to see participation from Indian start-ups.
Sridhar Patra, chairman and managing director of Nalco, sought start-up solutions for operating renewable power such as solar installations in cyclone-prone regions of East India.
Top company executives also urged the start-up sector to provide viable solutions to treat red mud or bauxite residue, which is a hazardous waste product from the aluminium-manufacturing process.
The ministry had on May 10 unveiled the logo of the summit. “Start-ups can play a significant role in addressing the technological challenges faced by the mining sector of the country,” Secretary Vivek Bharadwaj said.
Ministry officials said the summit has received around 140 participants.
In the day-long event, the summit discussed various pressing issues pertaining to the industry and focused on innovation and techniques that can help build autonomy in the field of mining and metallurgy.
This summit aims to provide a platform for the ministry to interact with startups in the field of mining and metallurgy and find out how they are equipped with different technologies that may contribute to the sector.
Industry importance
India’s mining sector supports a vast workforce engaged in various activities such as mining operations, exploration, processing, transportation, and related industries. Given the country’s massive mineral resources, this summit could enable start-ups to harness their full potential.
The summit is also significant, as recently the Geological Survey of India (GSI) found lithium deposits in the country. The GSI stated that lithium inferred resources (G3) of an estimated 5.9 million tonnes were found in the Salal-Haimana area of the Reasi District of Jammu and Kashmir.
Speaking on the sidelines of the summit, mines minister Joshi said lithium finds from the country will be processed within India. “Processing we will have to do within India only. We will look at it gradually," he added, replying to a query on the addition of refining capacities for lithium in India.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
