Given the huge mineral wealth in India, if the sector doubles its contribution then there will be an addition of Rs 4 lakh crore to the GDP, said Dr Ajit Ranade, President & Chief Economist, Aditya Birla Group, while addressing a webinar today on 'Indian Mining & Metals Industry: Post nCovid19 and Early Revival' organized by FICCI. The mining sector will contribute significantly in the growth of the nation's economy. While we are in an auction-based mineral allocation process, the need is to learn from recent experiences, said Dr. Ranade. He added that COVID19 has resulted in an economic crisis which has led to a collapse in supply, collapse in demand and financial shock. These unprecedented challenges need massive fiscal response from the government in terms of credit access and liquidity support to revive the economy.
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