YES! The entire global copper mafia has gone down because of banning Sterlite. But at the same time, banning of the factory saved an environmentally sensitive zone - Tuticorin. Tuticorin is the multi-transport facilitated city (comprising of Roadways, Railways, Airways and Waterways) next to Chennai. Being such a city, it was polluted by the Sterlite. Thank god that it has been closed. This is all done with the life saving measures after a protest of hundred days.
Let us get into the short glimpse of history behind the Sterlite industry.The parent company of Sterlite is Vedanta - a British company. In 1992, Sterlite was active in Ratnagiri, Maharashtra. But, having the effects known, the farmers opposed for a year and closed the factory. Then after searching for a firm establishment, the Sterlite Company started its production in Tuticorin. Nevertheless it started; it has expanded 6 times of its original size. It had its own power plant to draw electricity to the plant. Due to its improper waste disposal, the report of health issues faced by Tuticorin people made the industry shut down.
And, now Sterlite being the India's largest copper producing company, it has lost its shares drastically because of shutting down the leading factory that accounts for 40% of the country's copper production. India produces nearly 6 lakh tons of copper worldwide. The Indian market is divided into 2 parts - Primary segment consists of the producers that convert copper ore into refined copper. Three companies namely Hindustan copper Ltd, Birla copper and Sterlite industries constitutes the primary segment. Secondary segment comprises the producers that manufacture value added products made from copper like wires, foil, etc.
The domestic consumption demand of copper is around 5.5 lakh tons in the country. A major percentage i.e. 10% of the total consumption in India is contributed by the 2 major telecommunication providers namely BSNL &MTNL. The rest of the demand is contributed by the construction and automobile sector.
India has always been an importer of copper ore to satisfy the domestic consumption demand. But, due to the rise in the production of the three major players in the Indian market, the country is now emerging as a net exporter. The significant production of copper during the last few years enabled India not only to satisfy its own domestic demand but export refined copper in small quantities. The prices of copper in Indian market are highly dependent on the prices in London Metal Exchange.
In India, Copper is traded in the commodity exchanges namely Multi Commodity Exchange of India Ltd, National Multi Commodity Exchange of India and National Commodity and derivatives Exchange.
Being the results of Sterlite factory positive to the countrymen, it is good we are not far behind the protest. But our country's economy has gone down because of banning Sterlite. The inflation rate has gone high. We are going back to import copper for our domestic consumption it seems. Let us hope for the best that the initiatives of technology or any other alternatives would solve this problem in the path of harmony - that is without any harm.