India's Mineral Production Booms in 2023-24

By siliconindia  |  Thursday, 04 April 2024, 09:31:33 AM IST

India's Mineral Production Booms in 2023-24
India's mineral production index for February 2024 surged to 139.6, marking an impressive 8 percent uptick compared to February 2023, as reported by the Ministry of Mines. This robust growth trajectory extended throughout the fiscal year, with the cumulative index growth for April-February of FY24 surpassing the previous year's figures by 8.2 percent.
Key non-fuel minerals including bauxite (aluminium), chromite, copper concentrate, gold, zinc concentrate, and manganese ore displayed notable growth in February 2024 compared to the same period in the preceding year. Notably, iron ore and limestone, constituting around 80 percent of the total mineral production value, showcased remarkable growth in FY24, indicating buoyant demand in user sectors such as steel and cement.
India's status as the second-largest aluminium producer, third-largest limestone producer, and fourth-largest iron ore producer globally underscores its significant role in the mineral industry. The surge in iron ore and limestone production, reaching 252 MMT and 407 MMT respectively during April-February FY24, reflects robust demand dynamics. Iron ore production exhibited a substantial 9.6 percent growth over the same period in FY23, poised to surpass the FY23 production record of 258 MMT. Similarly, limestone production soared by 11.2 percent, surpassing the previous year's full-year production record of 406.5 MMT.
In the non-ferrous metal sector, primary aluminium metal production escalated from 37.11 LT to 38.02 LT during April-February FY24, registering a growth of 2.5 percent. The full-year projection for FY24 anticipates breaking the production record of 40.73 LT achieved in FY23.
These robust growth trends across various mineral sectors point towards a vibrant economic landscape, driven by flourishing activities in energy, infrastructure, construction, automotive, and machinery sectors. The uptick in aluminium production further corroborates the positive momentum in industrial activities, underlining India's resilience and potential as a key player in the global mineral market.

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