{"id":25718,"date":"2023-01-12T09:13:29","date_gmt":"2023-01-12T09:13:29","guid":{"rendered":"https:\/\/nationalinsight.in\/index.php\/2023\/01\/12\/india-set-to-become-net-copper-importer-for-fifth-year-in-a-row\/"},"modified":"2023-01-12T09:13:29","modified_gmt":"2023-01-12T09:13:29","slug":"india-set-to-become-net-copper-importer-for-fifth-year-in-a-row","status":"publish","type":"post","link":"https:\/\/nationalinsight.in\/index.php\/2023\/01\/12\/india-set-to-become-net-copper-importer-for-fifth-year-in-a-row\/","title":{"rendered":"India set to become net copper importer for fifth year in a row"},"content":{"rendered":"<div class=\"dsprime\"><img decoding=\"async\" width=\"640\" height=\"480\" src=\"https:\/\/pnn.digital\/wp-content\/uploads\/2023\/01\/ANIBS-11-1024x768.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"\" loading=\"lazy\" style=\"margin-bottom: 10px\" \/><\/div>\n<p><strong>New Delhi (India), January 12<\/strong>: A net copper exporter since the early 2000s, India is likely to remain a net importer of the metal, now being called as \u201cnew oil\u201d, for the fifth year in row in 2022-23 fiscal as well, hinted government data. The status reversal happened coinciding with the closure of Sterlite Copper\u2019s four lakh tonnes per annum (LTPA) smelter in Tamil Nadu in May 2018.<\/p>\n<p>&#8220;Domestic copper production fell significantly from FY2019 onwards as a result of shutdown of the Sterlite Copper plant in Tuticorin. Lower refined production created a huge deficit in the domestic copper market, resulting in large imports for fifth year in a row. Given the healthy copper demand outlook in the domestic market, the deficit situation is unlikely to improve in the near term,&#8221; Jayanta Roy, Senior Vice-president and Group Head, Corporate Sector Ratings, ICRA said.<\/p>\n<p>From a net exporter of 335,000 tonnes in 2017-18, India became a net importer of copper, first in 2018-19 and the trend remains unaltered till 2021-22. During the April-October period of the current fiscal also, India\u2019s import at 88,000 tonnes was higher than exports of 16,000 tonnes.<\/p>\n<p>While production steadily fell since Sterlite\u2019s unit closure and the trend continued till FY21, there was a rise in production last fiscal but it was well short of the 2017-18 level. Consumption, on the other hand, has been on the upswing, thanks largely to demand from electrical, electronics, infrastructure and electric vehicle segments.<\/p>\n<p>Analysts believe that given the government\u2019s thrust on infrastructure and rapid offtake of the electric vehicles, domestic demand for copper would go up by 10-11% in the next two years. This would make India to rely more on imports unless domestic production is ramped up.<\/p>\n<p>A parliamentary standing committee, headed by BJP MP Rakesh Singh, in a recent report, recommended that the government prepares a specific action plan to promote indigenous copper industry and some measures be taken to reduce dependency on import of refined copper or copper scrap.<\/p>\n<p>The greater reliance on imports may fuse India\u2019s clean energy ambitions.<\/p>\n<p>If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Delhi (India), January 12: A net copper exporter since [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":25719,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[1312],"class_list":["post-25718","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business"],"_links":{"self":[{"href":"https:\/\/nationalinsight.in\/index.php\/wp-json\/wp\/v2\/posts\/25718","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nationalinsight.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nationalinsight.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nationalinsight.in\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nationalinsight.in\/index.php\/wp-json\/wp\/v2\/comments?post=25718"}],"version-history":[{"count":0,"href":"https:\/\/nationalinsight.in\/index.php\/wp-json\/wp\/v2\/posts\/25718\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nationalinsight.in\/index.php\/wp-json\/wp\/v2\/media\/25719"}],"wp:attachment":[{"href":"https:\/\/nationalinsight.in\/index.php\/wp-json\/wp\/v2\/media?parent=25718"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nationalinsight.in\/index.php\/wp-json\/wp\/v2\/categories?post=25718"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nationalinsight.in\/index.php\/wp-json\/wp\/v2\/tags?post=25718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}