Copper plays a crucial role in powering 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, to understand the prospects for copper in the current year and the demand-supply scenario.
Karmakar notes that the total demand for copper in India for FY2022 was over 1.2 million tonnes, and the demand is set to grow in FY2023. He also noted that the imports of copper products have increased significantly over the years, and he stressed the need to develop local fabrication capacity to meet the rising demand and reduce import dependency.
In the podcast, he noted that India needs to focus on creating value-added opportunities within the country and promoting the domestic fabrication capacity. However, he warned that if the country is slow in establishing local industries, import dependency will continue.
Karmakar emphasized 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 suggested 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)
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About the State Of The Economy podcast
India’s economy has been hailed as the bright spot amid the general gloom that seems to have enveloped the rest of the world. But several of its sectors still stutter about even while 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.
