Skill development key driver of Indian economy: Nalco CMD

Bhubaneswar: Industries must come forward to invest in skill and innovative ideas for employment generation and growth in economy, says Nalco CMD Tapan Kumar Chand.

Seventeen per cent of India's GDP depends on agriculture, 26 per cent on industry and 57 per cent on the service sector, he said.

"But to strengthen other sectors, industries must ensure bringing down production costs and increasing the purchasing power. For this, skill development and investment in innovative ideas are a must," said Chand.

Addressing a gathering on the occasion of the 74th Foundation Day of Utkal University here today, Chand appreciated Prof Ashok Das, Vice Chancellor and all faculty members for their efforts to bring in all-round development of the university promoting free-thinking.

Citing the example of Navratna Nalco's R&D efforts, Chand spoke about presence of fluoride in the ground water of Angul sector even before Nalco was established, and to address this endemic problem, the company is investing around Rs 20 crore in a breakthrough Nano technology conceived by a young group of scientists.

Similarly, efforts are being made by the company as part of waste management to extract iron from its residual red mud in Damanjodi sector.