Recycling metal scrap poses challenges but presents opportunities as well. Globally the metal scrap industry is worth $500 billion which is more than twice as large as the Indian IT industry. While the Indian IT industry has been responsible for integrating the Indian economy with the global economy and for creating tremendous opportunities, the opportunities presented by the metal scrap industry have the potential to eclipse those of the IT industry. India needs other industries to power its economy and metal scrap has the potential to be such an industry. Indian leaders must examine the metal scrap industry because when the opportunities it presents are exploited wisely; it will create considerable wealth for the country.
The global metal scrap industry is worth over $500 billion yet India’s share of this is a mere $11 billion or 2.2per cent of the industry. India is a vast country which in 2019 is expected to produce over 100 million tonnes of steel. It is today the second largest producer of steel in the world having usurped Japan from that spot early this year, yet most steel and other metals manufactured in India are made from ore extracted from the ground.
Here is main text This is striking because recycling metal is far more economical than manufacturing metal from extracted ore. Manufacture of steel and other metals in India, although generating profits for manufacturers, when combined with recycled metal scrap will lead to greater production of metal at a lower cost. This will create double benefits. Firstly more metal will be manufactured and secondly, metal will be manufactured at a lower cost.
There are numerous other advantages to recycling metal scrap; for one it doesn’t harm the environment. Consider that extracting ore creates pollution and wastes energy. On the other hand, the metal that has been already extracted is like a rich mine that doesn’t have to be mined.
– John Michale