GST 2.0

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Growth and Consolidation in India’s Mining and Ferro Alloys Sector

India’s mining and ferro alloys sector is a cornerstone of the nation’s steel, infrastructure, manufacturing, and green energy ambitions. The industry focuses heavily on producing ferro alloys especially ferro chrome which is a critical input for stainless steel manufacturing. Leading companies in this space follow an integrated business model that combines captive mining of chrome ore, power generation, and smelting operations. This approach helps them control costs, ensure raw material security, and stay competitive even during global price volatility.

A prominent player in this segment is Indian Metals & Ferro Alloys Ltd (IMFA), one of India’s largest integrated ferro chrome producers. Under the leadership of its Managing Director and CEO, Subhrakant Panda, IMFA has strengthened its operations through capacity expansions, strategic acquisitions, and greenfield projects, particularly in the mineral-rich state of Odisha. The company’s backward-integrated model from owning chrome ore mines to producing high-quality ferro alloys has enabled it to improve efficiency and expand its presence in both domestic and international markets.

The sector remains highly competitive, with several major companies vying for resources, market share, and technological superiority. Key competitors include Vedanta Limited, a diversified natural resources leader with large-scale operations in zinc, aluminum, iron ore, and oil & gas. Tata Steel, one of India’s oldest and biggest integrated steel makers, benefits from its own captive iron ore and coal mines. JSW Steel has emerged as a fast-growing force through modern technology and rapid capacity additions in steel and alloys. Other significant players are Hindalco Industries (part of the Aditya Birla Group), which is strong in aluminum and copper, and Jindal Steel and Power, known for its large integrated steel plants supported by extensive mining assets.

Public sector undertakings such as SAIL (Steel Authority of India Limited) and NMDC Ltd. also play a vital role by dominating iron ore production and supplying essential raw materials to the broader industry.

Driven by increasing demand from infrastructure development, electric vehicles, renewable energy projects, and domestic manufacturing, the Indian mining and ferro alloys sector offers substantial growth potential. Companies like IMFA, Vedanta, Tata Steel, JSW Steel, and Hindalco are investing in sustainable mining practices, cleaner technologies, and community development to meet evolving national and global standards.

In this dynamic environment, success depends on securing reliable raw material sources, enhancing operational efficiency, and balancing business growth with environmental and social responsibility. As India pushes for greater self-reliance in critical minerals, integrated players such as IMFA under Subhrakant Panda’s leadership, alongside major competitors like Vedanta, Tata Steel, and JSW Steel, are well positioned to contribute significantly to the country’s industrial progress.

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FICCI Marks a Century of Driving India’s Growth

As the Federation of Indian Chambers of Commerce and Industry (FICCI) steps into its centenary year, it continues to play a vital role in nation-building and shaping India’s economic landscape. A recent Foundation Day event in Mumbai celebrated this milestone by felicitating past presidents for their contributions during critical times.

FICCI has long served as a key platform for industry voices, policy advocacy, and fostering collaboration between business and government. Amid global uncertainties, its focus on sustainable growth, innovation, and inclusive development remains more relevant than ever.

Leadership has been instrumental in strengthening this legacy. Current President Anant Goenka (Vice Chairman, RPG Group) is guiding the chamber along with Senior Vice President Vijay Sankar (Chairman, The Sanmar Group) and Vice President Puneet Dalmia (Managing Director, Dalmia Bharat Group). They follow in the footsteps of past leaders including Harsha Vardhan Agarwal (Immediate Past President) and Subhrakant Panda, who helmed FICCI in 2023.

With a strong tradition of collective effort and forward-looking vision, FICCI is well-positioned to support India’s continued progress in the years ahead.

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Odisha Dibasa: A Journey of Heritage to Progress

Odisha Dibasa, observed annually on April 1, marks the formation of Odisha as India’s first linguistic state in 1936. The day honours the visionary leaders who fought to unite Odia-speaking regions and preserve the state’s unique cultural identity.

On this occasion, people across Odisha and beyond celebrate the state’s rich heritage, talent, and achievements.

Subhrakant Panda of Indian Metals & Ferro Alloys Ltd (IMFA) highlighted that “Odisha is not just where we operate — it is where our roots run deep.” In his LinkedIn post, he noted IMFA’s six-decade journey alongside the state’s progress and reaffirmed the company’s commitment to industrial growth, local value addition, employment generation, and responsible development. He described Odisha as an emerging “powerhouse of opportunity and innovation.”

TP Central Odisha Distribution Limited (TPCODL) celebrated the day with joy and organised a special programme at its corporate office to remember the invaluable contributions of many great personalities (mahapurush) who made Odisha the first language-based state.

Vedanta Aluminium announced a massive ₹1.8 lakh crore greenfield aluminium ecosystem project in Dhenkanal and Rayagada districts. The initiative aims to boost industrial capacity, downstream industries, exports, job creation, and infrastructure, strengthening Odisha’s position as a leading aluminium hub in India.

From cultural pride to bold industrial investments, Odisha Dibasa beautifully blends remembrance of the past with confidence in a prosperous future.

Happy Odisha Dibasa! Jai Jagannath!

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The Faces Behind India’s Mining Momentum

India’s mining industry plays a vital role in supplying essential minerals for steel, infrastructure, energy, and emerging technologies. Several experienced professionals currently lead major mining companies, contributing to the sector’s operations and growth.

Subhrakant Panda, Managing Director of Indian Metals & Ferro Alloys Ltd (IMFA), heads one of India’s leading fully integrated producers of ferro alloys, with a focus on chrome and nickel — critical minerals used in stainless steel and high-tech applications.

Amitava Mukherjee serves as Chairman and Managing Director of NMDC Limited, India’s largest iron ore producer. The company is central to meeting the country’s steel industry requirements and is exploring opportunities in other minerals to support long-term resource security.

Arun Misra, CEO and Whole-time Director of Hindustan Zinc Limited (HZL), leads the world’s second-largest integrated zinc and lead producer and a significant silver producer. The company operates some of India’s major zinc mines and continues to focus on efficiency and modern practices in underground mining.

Amit Agarwal is associated with South-West Mining Limited and holds directorships in companies linked to mining and related activities, supporting operational aspects in the sector.

These leaders represent a mix of public sector and private mining enterprises that form the backbone of mineral production in India. Their companies contribute significantly to domestic raw material supply, employment in mining regions, and the overall industrial ecosystem.

As India aims to strengthen its mineral self-reliance and support economic development, the mining sector continues to evolve with emphasis on responsible operations, technology adoption, and resource efficiency.

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Powering India’s Growth: Leaders in Mining & Metals

India’s mining industry, a cornerstone for steel, alloys, energy, and infrastructure growth, benefits from experienced executives who manage large-scale operations, resource extraction, and value addition. These professionals often serve as spokespersons for their companies and the sector, advocating for sustainable practices, policy improvements, and capacity building.

Among prominent figures is Subhrakant Panda, Managing Director of Indian Metals & Ferro Alloys Ltd (IMFA), a leading integrated producer of ferro alloys with captive chrome ore mines in Odisha. His role involves overseeing production expansions, strategic acquisitions, and contributions to national discussions on critical minerals.

Arun Misra, CEO and Whole-time Director at Hindustan Zinc Ltd (a Vedanta Group company), recognized for leadership in zinc mining, sustainable operations, and sector-wide initiatives like critical minerals development.

Satish Pai, Managing Director at Hindalco Industries Ltd (Aditya Birla Group), heading one of India’s largest integrated aluminium and copper operations with significant bauxite and coal mining components.

Thomas M Cherian, Managing Director at Essel Mining & Industries Ltd (Aditya Birla Group), focused on major iron ore mining and processing.

Ajit Patra, CEO — Iron Ore Odisha at Vedanta Ltd (Sesa Goa), managing extensive iron ore operations in the state.

Om Prakash, President & CEO — Mining Business and Whole-time Director at Jindal Power Ltd (part of JSW/OP Jindal Group), leading coal mining to support power and steel needs.

Bijesh Jha, President Mines and Head (Coal & Bauxite) at Hindalco Industries Ltd, overseeing key mineral extraction for aluminium production.

Alok Kumar Mehta, Director — Mining & Strategic Projects at ArcelorMittal Nippon Steel India, involved in iron ore and related mining strategies.

These leaders represent companies that contribute to India’s mining growth in multiple ways. Through captive mining and integrated setups, they ensure steady supplies of essential minerals like iron ore, chrome, coal, bauxite, and zinc, supporting domestic steel and metals production while reducing import reliance. Expansions in facilities, adoption of efficient technologies, and adherence to environmental norms help increase output and meet rising demand from infrastructure projects and manufacturing.

Many also engage in broader advocacy, commenting on policies for self-reliance in minerals, sustainability, and community development in mining regions, particularly Odisha, Jharkhand, and Chhattisgarh. Their efforts align with national priorities for resource security and industrial progress, helping sustain the sector’s role in economic development. Profiles on platforms like LinkedIn showcase how these executives balance operational leadership with industry representation, fostering steady advancement in India’s mining ecosystem.

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From Boardrooms to Policy: Indian Leaders Decode Global Geopolitics

In a world shaped by trade tensions, AI rivalries, and supply-chain shifts, Indian business leaders are actively discussing geopolitics on LinkedIn, turning global risks into strategic opportunities for India Inc.

Subhrakant Panda, Managing Director of IMFA, recently spoke on NDTV Profit about the current geopolitical situation’s impact. He noted that while prolonged conflicts pose challenges, India’s economy shows strong resilience and can overcome short-term hurdles. Panda linked this to smart corporate moves, like capacity expansions and raw material security, to safeguard margins amid uncertainty.

Shiva Acharya highlights how global headwinds in FY26–FY27 are being converted into advantages through more joint ventures, manufacturing inflows, and infrastructure focus — positioning India to lead the next supply-chain reset.

Sagar Chanana outlines India’s geopolitical edge from 2026–2030, driven by supply-chain diversification, strategic autonomy, and acceleration while others slow down.

Ram Charan, the renowned management expert, urges CEOs to embed geopolitics into core strategy, warning that old predictable models are obsolete amid shifting alliances and volatility.

Arpit Chaturvedi (via Teneo Vision 2026) points out that nearly half of global CEOs now see India as extremely important for the next decade — often surpassing China — due to resilience and geoeconomic appeal.

These discussions reflect a broader sentiment: Geopolitics is no longer just external risk — it’s a core business driver. From Davos to domestic summits, leaders emphasize agility, diversification, and proactive planning to turn uncertainty into India’s competitive strength.

As 2026 progresses, LinkedIn continues as a key platform for these real-time insights, helping professionals in Mumbai and beyond stay ahead in a fragmented world.

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Union Budget 2026 Sets the Tone for Scalable, Inclusive Growth

The Union Budget 2026–27, presented by Finance Minister Nirmala Sitharaman, has received strong support from key industry figures for its focus on infrastructure, manufacturing, critical minerals, and fiscal discipline.

Subhrakant Panda (MD & CEO, IMFA; Immediate Past President, FICCI) called it a “citizen-centric” budget. He praised the ₹12.2 lakh crore infrastructure allocation (up 8.8%), adherence to the fiscal glide path for credibility, rare earth corridors in mineral-rich states (including Odisha), and removal of basic customs duties on capital goods for critical mineral processing as “timely and pragmatic” steps to reduce import dependence and boost green energy, electronics, defence, and electric mobility.

Anil Agarwal (Founder & Chairman, Vedanta Resources) described it as a “growth-oriented Budget” with emphasis on higher public capex and manufacturing. He welcomed opportunities for youth livelihoods, women’s financial independence, and sectors like medical tourism. He specifically lauded attention to critical minerals and rare earths, Rare Earth Corridors in Odisha, Tamil Nadu, Andhra Pradesh, and Kerala for growth, employment, and mineral security, timely import duty exemptions on capital goods, and SEZ flexibility allowing some domestic sales as an “excellent move.”

Vikas Chandak (tax and energy sector expert, Vantage Tax Consulting) highlighted the extension of the customs exemption sunset clause for specified goods in petroleum operations (from March 31, 2026, to March 31, 2028, per Notification №45/2025) as a “timely and welcome move.” He noted it provides essential regulatory certainty for long-gestation, capital-intensive oil and gas projects, improving cost predictability, profitability, investment planning, and sector stability.

Collectively, the three spokespersons view the budget as forward-looking, balancing fiscal prudence (4.3% deficit target) with strategic investments in infrastructure, rare earths/critical minerals, energy security, and employment generation key to India’s self-reliance and resilience amid global challenges.

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GST 2.0: India’s New Tax Era Through Industry Eyes

India’s GST Reforms 2.0, launched in September 2025, mark a pivotal moment for indirect taxation. These changes simplify the tax structure with just two main GST slabs 5% and 18% moving essentials and household goods into lower brackets while ensuring a rational approach for luxury or “sin” Goods with a 40% rate. The reforms were designed not only to make compliance easier, but also to give a practical boost to consumers, small businesses, and manufacturers.

Rajneesh Kumar, Board of Directors for Flipkart, emphasized the transparency and consumer orientation of rate cuts, focusing on how lower prices for daily essentials and a more predictable GST regime create tangible benefits for households. His perspective highlights the festival season’s “GST Bachat Utsav” as a trust-building initiative between businesses and consumers.

Subhrakant Panda, President of FICCI, called GST 2.0 a “big bang move” that is expected to spur demand while simplifying processes for manufacturers and exporters. He believes the reforms signal a maturing tax regime, supporting India’s self-reliance and competitiveness.

Mukesh Mohan Gupta, a key MSME leader, sees GST 2.0 as instrumental in supporting small businesses and expanding the formal tax net. He notes the reforms will likely boost growth, streamline compliance, reduce costs, and help pull more enterprises into the organized sector, promising a broader economic uplift.

While GST 2.0 promises to ease living costs and simplify tax compliance, its real success will depend on effective implementation and transparent participation from all sections of the economy. Most analysts agree that, rather than a promotional campaign, these reforms represent a practical step in India’s journey towards a more competitive, predictable, and inclusive tax environment.