India records robust growth in mineral production for 2023-24
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India’s index of mineral production for February 2024 rose to 139.6, which is 8 per cent higher compared to the level recorded in February 2023.
The cumulative growth of this index for the 11-month period of April-February of FY24 over the corresponding period of the previous year was higher by 8.2 per cent.
Some of the non-fuel minerals showing positive growth during February 2024 as compared to the corresponding month of the previous year are bauxite (aluminium), chromite, copper concentrate, gold, zinc concentrate, and manganese ore, the Ministry of Mines said on Wednesday.
Iron ore and limestone together account for about 80 per cent of the total production by value. Production of these key minerals in the country exhibited high growth in FY24.
India is the second-largest aluminium producer, third-largest limestone producer and fourth-largest iron ore producer in the world. Healthy growth in the production of iron ore and limestone reflects the robust demand conditions in the user industries viz. steel and cement.
Coupled with the high growth in aluminium, these growth trends point towards strong economic activity in user sectors such as energy, infrastructure, construction, automotive and machinery.
Iron ore production in the country has increased from 230 million metric tonne (MMT) during the 11-month period from April to February of FY23 to 252 MMT during the corresponding period of FY24, at 9.6 per cent growth.
The full-year production of iron ore in FY24 is likely to break the production record of 258 MMT achieved in FY23.
Showing a similar trend, limestone production has increased from 366 MMT during the 11-month period from April to February of FY23 to 407 MMT during the corresponding period of FY24, at 11.2 per cent growth, and has already surpassed the full-year production record of 406.5 MMT achieved in FY23, according to the figures compiled by the Ministry of Mines.
In the non-ferrous metal sector, production of primary aluminium metal increased from 37.11 lakh tonne (LT) during the 11-month period from April to February of FY23 to 38.02 LT during the corresponding period of FY24, at 2.5 per cent growth. The full-year production of primary aluminium in FY24 is likely to break the production record of 40.73 LT achieved in FY23
