New Delhi, March 30 – In a remarkable display of growth, iron ore production in India has surged, constituting a staggering 70% of the total mineral output by value under the Mineral Conservation and Development Rules (MCDR). Preliminary figures from the Ministry of Mines indicate that production hit 274 million metric tonnes (MMT) in the fiscal year 2023-24. This trend is expected to continue, with projections for FY 2024-25 showing an increase of 4.4%, bringing production to 263 MMT from 252 MMT the previous year.
Growth in Key Minerals
The upward trajectory isn’t limited to iron ore alone. Notably, manganese ore production experienced a significant boost, climbing by 12.8% to reach 3.4 MMT. Additionally, bauxite production also saw a rise of 3.6%, totaling 22.7 MMT during the same timeframe.
- Lead Concentrate: Grew by 3.5%, reaching 352 thousand tonnes (THT).
- Primary Aluminium: Increased slightly by 0.9%, totaling 38.36 lakh tonnes (LT).
- Refined Copper: Experienced a robust growth of 7.1%, reaching 4.97 LT in FY 2024-25.
Economic Implications
These impressive statistics highlight a sustained demand for manganese, predominantly driven by the steel and alloy industries. The continued rise in iron ore production underscores the robust conditions in sectors reliant on this vital resource, particularly steel manufacturing.
Moreover, the growth in aluminium and copper production reinforces a trend of solid economic activity across various industries, including:
- Energy
- Infrastructure
- Construction
- Automotive
- Machinery
India’s Global Position
India’s mineral landscape is significant on the world stage, ranking as the fourth-largest producer of iron ore globally. It also stands out as the second-largest producer of aluminium and is among the top ten producers of refined copper. This strong positioning underscores India’s crucial role in the global mineral market.
As the country continues to enhance its production capabilities, these trends indicate a thriving economic environment, signaling a promising future for India’s mineral industry and its associated sectors. The ongoing developments reflect not just growth, but the resilience of India’s economy amid global challenges.
