Copper plays a crucial role in the economic growth and development of any country, as it is an essential component in various sectors ranging from electrical appliances and construction to vehicles and wiring.
Understanding the prospects for copper and the dynamics of its demand-supply scenario becomes paramount in gauging the overall health of the Indian economy.
In the latest episode of the ‘State of the Economy’ podcast, businessline’s Editorial Consultant MR Subramani talks to Mayur Karmakar, MD, International Copper Association India, on the prospects for copper in the current year and the demand-supply scenario.
Karmakar notes that copper demand in India during FY2022 exceeded 1.2 million tonnes, and the demand is set to grow in FY2023. He also noted that imports of copper products have increased significantly over the years, and stressed the need to develop local fabrication capacity to meet the rising demand and reduce import dependency.
He says India needs to focus on creating value-added opportunities within the country and promoting domestic fabrication capacity. He warns that any delay in establishing local industries will prolong the country’s import dependency.
Karmakar emphasises that copper will play a key role in India’s transportation sector, especially as the government looks to encourage electric vehicles in a bid to decarbonise the economy. He suggests that focusing on the manufacturing and fabrication of copper products in India could help capture this demand and even create export opportunities.
(Host: MR Subramani, Producer: Siddharth MC)
About the State of the Economy podcast
India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.