Indian economy has emerged as one of the fastest growing economies globally with average annual economic growth rate hovering around 8-9%. The accelerated growth rate of the Indian economy necessitates rapid development of the mining sector. However, extraction of minerals is not without the environmental, social, economic and other footprints. The challenge is to integrate into the conventional business practices, the concern for environmental preservation, social integration and effective governance system for sustainable development of the mining industry.
FIMI- Sustainable Mining Initiative (SMI) was established in 2009 precisely to address environmental and social issues related to mining industry and to maximize the contribution of the mining sector to the cause of sustainable development in mining regions and the country. 10 leading Indian mining companies came together to start SMI and now act as its governing council.
SMI now serves as an agent for change and continual improvement on issues relating to mining and sustainable development. Member companies have made a public commitment to improve their sustainability performance and are required to report against their progress on an annual basis.