New Delhi, July 24 -- India's next metals growth cycle will be driven by recycling rather than mining, with scrap emerging as the industry's most strategic resource, according to a thematic report by Ashika Institutional Equities, which says the country's organised non-ferrous recycling industry is entering a multi-year structural growth phase.

In its thematic report titled "Recycling: The New Ore", Ashika said the global metals industry is undergoing a structural shift as rising demand from electrification, renewable energy and infrastructure collides with resource constraints and stricter environmental regulations.

"We believe that the next phase of value creation in the metals industry will be driven less by ownership of mines and mo...