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Mining sector registers record production in FY 2023-24
Photo Courtesy: Unsplash

Mining sector registers record production in FY 2023-24

| @indiablooms | 03 May 2024, 09:11 pm

New Delhi:  India's mineral production index for FY 2023-24 has increased by 7.5% over FY 2022-23. The mineral production index for March 2024 stood at 156.1, marking a 1.2% increase compared to March 2023.

Notably, several non-fuel minerals, including Copper Concentrate, Gold, Manganese Ore, Diamond, Graphite, Kyanite, Sillimanite, Limeshell, Limestone, and Magnesite, exhibited positive growth in March 2024 compared to the same period last year.

Iron ore and Limestone jointly constitute approximately 80% of the total mineral production value under the MCDR. Both minerals saw significant growth in FY 2023-24 according to provisional data.

Iron ore production reached 277 million metric tons (MMT), surpassing the previous record of 258 MMT in FY 2022-23 by 7.4%.

Similarly, limestone production increased by 10.7% from 406.5 MMT in FY 2022-23 to 450 MMT in FY 2023-24, exceeding the previous record.

In the non-ferrous metal sector, primary Aluminium production in FY 2023-24 exceeded the previous year's record, growing from 40.73 lakh tons (LT) to 41.59 LT, representing a growth rate of 2.1%.

India ranks as the world's second-largest Aluminium producer, third-largest lime producer, and fourth-largest iron ore producer.

The notable growth in iron ore and limestone production in FY 2023-24 reflects robust demand in user industries such as steel and cement.

Coupled with the significant growth in Aluminium production, these trends indicate strong economic activity in sectors like energy, infrastructure, construction, automotive, and machinery.

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