India's mineral production surges by 1.2%, bolstering economic strength

In March 2024, the mineral production index stood at 156.1, marking a 1.2 per cent rise compared to March 2023. Throughout the fiscal year 2023-24, the index surged by 7.5 per cent from the preceding fiscal year 2022-23. Noteworthy minerals demonstrating positive growth in March 2024 vis-à-vis the same period last year include copper concentrate, gold, manganese ore, diamond, graphite, kyanite, sillimanite, lime shell, limestone, and magnesite, among others.

The increased output of iron ore, limestone, and aluminium signals robust economic activity across sectors like energy, infrastructure, construction, automotive, and machinery.

Iron ore and limestone collectively constitute approximately 80 per cent of the total MCDR mineral production by value. According to provisional figures, these pivotal minerals significantly grew in FY 2023-24. Iron ore production reached 277 million tonnes (MT) in FY 2023-24, surpassing the previous record of 258 MT achieved in FY 2022-23, marking a growth of 7.4 per cent.

The limestone production in FY 2023-24 stood out, surpassing the previous record of 406.5 MT in FY 2022-23. This marked a significant 10.7 per cent increase, reaching 450 MT.

In the non-ferrous metal sector, primary aluminium production in FY 2023-24 also outperformed the previous fiscal year's record. Primary aluminium production rose from 4.07 million tonnes in FY 2022-23 to 4.15 million during FY 2023-24, exhibiting a growth rate of 2.1 per cent.

India ranks second in aluminium production, third in lime production, and fourth in iron ore production globally. The substantial growth in iron ore and limestone production during the fiscal year 2023-24 indicates strong demand in key industries such as steel and cement.

For comprehensive insights into the Indian aluminium sector, including its production landscape, and a broader view of global production trends with forecasts extending into 2024 and beyond, consider accessing AL Circle's industry-focused report, "Global Aluminium Industry Outlook 2024".

Source: https://www.alcircle.com/news/india-s-mineral-production-surges-by-1-2-bolstering-economic-strength-110757