Future economic growth: Report from the McKinsey Global Institute suggests that development of the mining sector will be important if India has to achieve 7% plus GDP growth. The sector can contribute an additional $125 billion to India’s output and $47 billion to India’s GDP by 2025.
Employment generation:The report further says that the sector alone has the potential to create 6 million additional jobs by 2025.
Industrial growth: To mention every 1% increase in the growth rate of the sector results in a 1.2-1.4% increment in the growth rate of industrial production and correspondingly an increase of 0.3% in the growth rate of India’s GDP.
Export potential:The mining sector can also contribute to India’s export sector and thereby positively contribute to India’s balance of trade.
