Mineral production index soars in FY 2023-24: March 2024 sees 1.2 per cent increase
May 03, 2024
New Delhi [India], May 3 : The mining sector in India has witnessed record production levels in the fiscal year 2023-24, with growth observed in the production of key minerals and aluminum metal. According to the data released by the Ministry, the index of mineral production for March 2024 stood at 156.1, marking a 1.2 per cent increase compared to March 2023.
According to a press release by the Ministry of Coal, moreover, the index for the entire FY 2023-24 has seen a notable surge of 7.5 per cent over the previous fiscal year.
Several non-fuel minerals demonstrated positive growth in March 2024 compared to the corresponding month of the previous year, including Copper Concentrate, Gold, Manganese Ore, Diamond, Graphite, Kyanite, Sillimanite, Limeshell, Limestone, and Magnesite.
Iron ore and limestone, which together contribute about 80 per cent of the total mineral production by value under the Mineral Concession Development Rules (MCDR), have showcased remarkable growth in FY 2023-24.
Iron ore production reached a record high of 277 million metric tons (MMT), surpassing the previous record of 258 MMT achieved in FY 2022-23, with a growth rate of 7.4 per cent.
Similarly, limestone production also soared to 450 MMT, exhibiting a remarkable 10.7 per cent increase over the previous fiscal year's production of 406.5 MMT, read the press release.
In the non-ferrous metal sector, the production of primary aluminum metal in FY 2023-24 broke the previous record set in FY 2022-23. Primary aluminium production rose from 40.73 lakh tons (LT) to 41.59 LT, representing a growth rate of 2.1 per cent.
India currently ranks as the world's second-largest aluminum producer, third-largest lime producer, and fourth-largest iron ore producer, read the press release.
The surge in production of iron ore and limestone reflects robust demand conditions in user industries such as steel and cement. Coupled with the significant growth in aluminium production, these trends indicate strong economic activity in sectors such as energy, infrastructure, construction, automotive, and machinery.
The Ministry of Mines has hailed the remarkable performance of the mining sector in FY 2023-24 and emphasized its pivotal role in driving economic growth and industrial development.
