India's mining sector sees growth in April 2024 following record production levels in FY 2023-24: Govt
Jun 01, 2024
New Delhi [India], June 1 : The Ministry of Mines has reported a positive start to the fiscal year 2024-25, with a growth in the production of key minerals and aluminium metal in April 2024 in the country. It follows record production levels achieved in the fiscal year 2023-24.
According to the Ministry of Mines press release, iron ore and limestone, which together account for approximately 80 per cent of the total mineral production by value under the Mines and Minerals (Development and Regulation) Act, reached unprecedented production figures in FY 2023-24.
Iron ore production hit 277 million metric tonnes (MMT), while limestone production reached 450 MMT.
In April 2024, production of these minerals continued to rise. Iron ore production increased from 25 MMT in April 2023 to 26 MMT in April 2024, marking a 4 per cent growth, read the press release.
Similarly, limestone production rose from 38.5 MMT in April 2023 to 39.3 MMT in April 2024, reflecting a 2.1 per cent increase.
In the non-ferrous metal sector, India achieved record primary aluminium production of 4.16 million tonnes (MT) in FY 2023-24.
This growth trajectory has continued into the current fiscal year, with aluminium production in April 2024 reaching 342,000 tonnes, slightly up from 339,000 tonnes in April 2023, representing a 1 per cent increase, read the press release.
India's standing in the global minerals market is significant, being the second-largest producer of aluminium, the third-largest producer of limestone, and the fourth-largest producer of iron ore.
The continued increase in production of iron ore and limestone indicates robust demand from the steel and cement industries. Along with the growth in aluminium production, these trends suggest sustained economic activity in critical sectors such as energy, infrastructure, construction, automotive, and machinery.
