DELHI: India’s mining sector grew by 7.5 per cent in Financial Year 2023-24 with production of iron ore and limestone recording high growth during the year, said an official statement on Friday.
The index of mineral production for March 2024 was 156.1, which is 1.2 per cent higher than the corresponsing period last year.
Some of the non-fuel minerals showing positive growth during March 2024 as compared to the corresponding month last year are copper concentrate, gold, manganese ore, diamond, graphite, kyanite, sillimanite, limeshell, limestone, magnesite, etc.
Iron ore and limestone together account for about 80% of the total MCDR mineral production by value. Production of these key minerals in the country has exhibited high growth in FY 2023–24, as per provisional figures. The production of iron ore at 277 million metric tonne (MMT) in FY 2023–24 has broken the production record of 258 MMT achieved in FY 2022–23, with a 7.4% growth.
Showing a similar trend, limestone production has also surpassed the production record of 406.5 MMT achieved in FY 2022–23, increasing by 10.7% to 450 MMT in FY 2023–24.
In the non-ferrous metal sector, production of primary aluminum metal in FY 2023–24 has broken the production record of FY 2022–23. Primary aluminum production increased from 40.73 lakh ton (LT) in FY 2022–23 to 41.59 LT during FY 2023–24, at a 2.1% growth rate.
India is the second-largest aluminum producer, third largest lime producer, and fourth largest iron ore producer in the world.
Healthy growth in production of iron ore and limestone in FY 2023–24 reflects the robust demand conditions in the user industries, viz., steel and cement. Coupled with the high growth in aluminum, these growth trends point towards strong economic activity in user sectors such as energy, infrastructure, construction, automotive, and machinery, the statement added.
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