India on Friday announced a new policy framework aimed at increasing domestic copper production and reducing import dependence, including inviting foreign firms to build smelters and refineries in exchange for Indian state-owned firms investing in overseas mining operations. According to the policy document, India — the world’s second-largest importer of refined copper — may need to import 91%-97% of its copper concentrates by 2047. Copper imports rose 4% to 1.2 million metric tons in fiscal 2025, while demand is expected to surge to 3–3.3 million tons by 2030 and 8.9–9.8 million tons by 2047. To diversify supply and mitigate disruptions, the government plans to promote partnerships with companies such as Chile’s Codelco and Australia’s BHP, encouraging them to establish downstream facilities in India. Financial incentives under consideration include capital subsidies and customs duty exemptions for new plants and equipment, aiming to add 4–5 million metric tons of new smelting and refining capacity. Support may also be extended to scrap processing units. Despite having 12.2 million tons of copper resources, only 18% is classified as reserves, underlining limited domestic availability. The document cites global challenges like resource nationalism, geopolitical tensions, and declining ore grades as barriers to supply. The government simultaneously released plans to expand aluminium output, with domestic demand projected to reach 8.5 million tons by fiscal 2030.