Describing aluminium as the future, Vedanta Resources Chairman Anil Agarwal yesterday said the consumption of the metal will rise to 20 million tonnes (MT) from the present 2 MT going ahead.
“India only has 1.5 MT aluminium production and the consumption is about 2 MT. It is going to be 20 MT. Everything will move to aluminium. Whether railway, construction, aerospace, automobiles,” he said replying to a query on setting up small and medium firms in India’s manufacturing sector.
Mr. Agarwal, however did not elaborate on the time period. Speaking at a CII event here, he said aluminium as a light metal is being considered as the future of industry and setting up a small and medium enterprise (SME) in the sector will require an investment between Rs 25-500 crore.
Vedanta Ltd, part of the London-listed metals and mining conglomerate, through its subsidiary Balco produces Aluminium in India.
On loan from banks to SMEs, he said: “It is a myth (that banks cannot lend). They are looking for SME proposals.”
