India should be ready to make disaster an opportunity

Over the past few years, it has been observed that supply-side disruptions are creating volatility in the global markets. These disruptions are making everything from food to metals, energy to semiconductors, more expensive. For the past two years the world was facing the covid crisis and as soon as this crisis seemed to be over, another global crisis started in Europe. Europe is no longer that important part of the global economy but, Russia energy and One of the leading suppliers of metal.

Therefore, in the wake of the Russia-Ukraine conflict, the prices of these metals and their derivatives are likely to rise again. Aluminum sector companies, of which India is a major exporter, will benefit immensely in view of rising prices, mainly due to supply constraints from Russia and Ukraine. India needs to meet the global demand apart from the steel industry. For this, production should be increased by 5-10 percent.

We should make products available not only to India but to the rest of the world. In the case of non-ferrous metals, aluminum producers are expected to benefit majorly as Russia, Europe and several Middle-Eastern countries are the primary suppliers of this metal. “The sanctions on Russia will affect the nation’s metal production. In addition, Russia also supplies gas to Europe, and if these supplies are affected, the already high energy prices will increase drastically, forcing European smelters to further cut aluminum production. Steel and aluminum companies should try to capture European and American markets, which depend on Russia for supplies.

In a sense, they will compensate for the loss caused by oil imports due to this crisis. Government of India has taken a wise decision by focusing on its interests without getting stuck in any side.sh should focus on becoming self-reliant in critical sectors like energy, semiconductors and general purpose like new energy, electric vehicles, and artificial intelligence Must take the lead in emerging areas such as technologies. Defense exports need to be curtailed and state-of-the-art indigenous weapons should be produced. When we complete hundred years of independence, the focus should be on making India a world leader by 2047.