With the recent decline in the value of the rupee, Asia’s third largest economy is looking to boost exports and reduce imports of commodities such as gold. NALCO is India’s largest exporter of alumina, and its latest plans to increase alumina exports to 1.4Mt could raise roughly US$400m based on current prices.

This weakness in the rupee is making Indian products more competitive abroad, and has prompted other state owned companies, such as the Steel Authority of India Ltd, to raise their exports as well.