Record production in mineral sector in financial year 2024

There is a significant increase in the production of major minerals and aluminum metal in FY 2024. This is more than the record mineral production by about 8.0 percent.

Mineral production to increase in 2024

• The index of mineral production in February 2024 was 139.6, which is 8.0 percent higher than February 2023.
• The cumulative growth of this index for the 11 month period April-February of FY 2014 has been 8.2 percent higher than the corresponding period last year.
• Some of the non-fuel minerals showing positive growth during February 2024 as compared to the same month of last year are – bauxite, chromite, copper concentrate, gold, zinc concentrate, manganese ore, phosphorite, diamond, graphite (R.O.M.). ), Limestone, Magnesite, etc.
• On a value basis, iron ore and limestone together account for about 80 per cent of the total MCDR mineral production.
• According to the data, a high growth has been recorded in the production of these major minerals in the country in the financial year 2024.

Increase in iron ore

• Iron ore production for the 11-month period April-February during FY23 was 230 million metric tonnes (MMT), an increase of 9.6 per cent to 252 MMT during the same period of FY24.
• According to estimates, iron ore production in FY 2024 will break the record of production of 258 MMT in FY 2023.
• Limestone production for the 11-month period April-February FY2023 is projected to increase from 366 MMT to 407 MMT in FY2024 with an increase of 11.2 per cent and set a full year production record of 406.5 MMT in FY2023. Has crossed.

Increase in aluminum metal production

• In the non-ferrous metals sector, primary aluminum metal production stood at 37.11 lakh tonnes (LT) for the 11-month period April-February during FY23. Which increase to 38.02 LT with an increase of 2.5 percent during FY 2024.
• Full year production of primary aluminum in FY2024 is likely to break the production record of 40.73 LT in FY2013.

Note: 

• India is the second largest aluminum producer, third largest limestone producer and fourth largest iron ore producer in the world.
• The healthy growth in iron ore and limestone production reflects strong demand conditions in the user industries – steel and cement.
• These growth trends reflect strong economic activity in user sectors such as energy, infrastructure, construction, vehicles and machinery, with higher growth in aluminium.

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