Despite the fact that India has the fifth largest deposits of bauxite in the world, it remains a major importer of this commodity.
In the first quarter of the 2021-22 financial year, which ended June 10, it imported bauxite worth $51.97 million, of which companies involved in bauxite mining, transport and processing were the main purchasers.
Fifty per cent of India’s bauxite deposits are located in Odisha. However, the reliance on imported bauxite, most of which has been used in the domestic aluminium industry, has resulted in a foreign exchange loss over the last six years totalling $571 million.
Indeed, imports have gone up 300% over the past six years, according to statistics released by India’s Ministry of Commerce.
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