Mumbai, May 9: A recent report suggests that if India‘s mining industry rapidly adopts modern technologies and sustainable mining practices, it could contribute an additional $500 billion to the country’s economy by 2047, creating approximately 25 million new jobs.
According to a joint report by Deloitte and the Indian Chamber of Commerce (ICC), the demand for minerals is increasing due to rapidly growing infrastructure, clean energy goals, and the expansion of the manufacturing sector, indicating that India‘s mining sector is entering a phase of significant transformation.
The report highlights that the mining industry could play a crucial role in achieving India’s goal of becoming a $30 trillion economy by 2047. Currently, the mining sector contributes about 2 to 3 percent directly to India’s GDP and supports major industries such as steel, cement, automobiles, power, and infrastructure.
The report states that the mining sector is progressing from ‘Mining 4.0’ to the ‘Mining 5.0’ model. While ‘Mining 4.0’ was primarily based on automation and digital technologies, ‘Mining 5.0’ will incorporate artificial intelligence (AI), advanced analytics, digital twins, and interconnected operational systems.
It emphasizes that ‘Mining 5.0’ represents a significant shift towards technology-based, sustainable, and value-driven mining systems, moving away from traditional models.
Many Indian mining companies are already utilizing various digital technologies, but challenges remain in integrating these technologies to work together effectively. The report warns that without integrating planning, production, logistics, maintenance, safety, and sustainable operations into a cohesive digital system, companies may not fully benefit from their digital investments.
Policy reforms, rising demand for steel, the need for critical minerals, and the government’s Atmanirbhar Bharat initiative are driving rapid changes in the mining sector. Additionally, technologies such as AI-based safety systems, automated mining operations, real-time monitoring platforms, and hybrid cloud-edge digital infrastructure are identified as key foundations for the future of mining in India.