India’s metals moment: Can the world’s biggest emerging market meet its critical minerals potential? | Fast Forward

Ambition, investment and changing geopolitics are converging to put India’s metals sector in the global spotlight. As international supply chains seek new sources of resilience, what sets India apart – and where could this transformation lead? In episode 10 of the Fast Forward podcast, Andrea Hotter explores these questions with Deshnee Naidoo, CEO of Vedanta Resources, and William Adams. 

Key takeaways on India’s metals momentum 

India’s drive to grow its economy and advance its critical minerals agenda is shaping a new era for both domestic and global markets. Strategic investment, supply chain partnerships and policy reform are at the center of this shift. 

• India is targeting a leap from a $4 trillion to a $30 trillion economy by 2047. As Naidoo put it: “The country is talking about by 2047, when India would’ve reached her centenary year of independence, to be a $30 trillion economy. And that’s from $4 trillion today.” 

• India’s per capita metals consumption remains well below the global average, setting the stage for future growth. Naidoo noted: “India’s per capita aluminium consumption is only 3 kgs per person compared to a global average of over 12.” 

• Vedanta, India’s largest natural resources company, is positioning itself to meet domestic demand and support national self-sufficiency. “And this is where the India story intersects with the Vedanta story,” Naidoo said. 

Expanding investment and strategic priorities 

India’s critical minerals story is propelled by Vedanta’s capital discipline and expansion into new commodities. The company’s “India-first” approach, combined with innovation in partnerships and operational efficiency, provides a blueprint for the sector. 

• Vedanta applies a partnership-driven, efficient capital deployment method, as Naidoo explained: “We believe in partnerships, so we will find partners to actually execute these projects. We also believe in the model of minimum packages because the chairman believes in a minimum amount of distractions; you get things done.” 

• 95% of Vedanta’s capital spending is focused on India, with the remaining resources supporting its African operations. “95% of that goes into India, 5% of that into Africa.” 

• The company’s growth targets include doubling its Zinc India output to 2 million tons by FY29: “Our Zinc India business will go from 1.1 million tons to 2 million tons… that will come by FY29.” 

• A push into critical minerals is underway. “We’ve also recently acquired through the Indian auction systems about 11 critical minerals blocks as well,” Naidoo added. 

Geopolitics, supply chains and market realignment 

India’s progress comes as the metals industry recalibrates around resilience, decarbonization and reduced reliance on single-source suppliers. Government and industry are moving quickly to seize this moment. 

• Naidoo describes the current metals cycle as “broad-based” and driven by decarbonization, cleantech, digitalization and defense: “The next metals supercycle that we are in will be less shaped, I think, by one country’s urbanization… and I think more about the world’s decarbonization, cleantech, digitalization and defense imperatives.” 

• With both copper and aluminium seen as central to clean energy and future industry, Naidoo is clear: “…this has to be copper’s time. This has to be aluminium’s time.” 

• India’s aim to become a strategic alternative to China is underpinned by both policy and resource endowment. “India has a credible pathway to emerge as a strategic hub for metal supply, I think, supply but tied to the West’s effort to reduce dependency on China.” 

• Free trade agreements and new international partnerships increase resilience and open fresh opportunities. 

Overcoming hurdles and looking ahead 

India is at a crossroads, with significant opportunities balanced by the need for regulatory and infrastructure reform. Vedanta’s leadership points to a vision built on technology, quality and local expertise. 

• Naidoo identifies regulatory streamlining and infrastructure upgrades as critical: “It’s the simplification and de-bottlenecking of some of the regulatory processes,” and advances in power and roads are priority areas. 

• Vedanta aims to set a benchmark for trust and innovation: “Vedanta should symbolize India’s rise of the world’s sustainable metals hub, trusted for quality, ethics and innovation. That’s the dream I’m putting on the table today.” 

• The company plans to lead not by imitation but through new models, as Naidoo explained: “… I believe we have all of the ingredients not to emulate, but to out-innovate in some of the aspects that I’ve just spoken about.” 

Interested in more on India’s transformation and what it means for global critical minerals? Listen to the full Fast Forward episode for insights from the front lines of this dynamic market.