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Mining Sector Registers Record Production in FY 2023-24: Significant Growth in Key Minerals and Aluminium Metal

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The index of mineral production for the month of March 2024 was 156.1, which is 1.2% higher as compared to the level in the month of March 2023. The index for the entire FY 2023-24 has increased by 7.5% over FY 2022-23.

Some of the non-fuel minerals showing positive growth during the month of March 2024 as compared to the corresponding month of the previous year are Copper Concentrate, Gold, Manganese Ore, Diamond, Graphite, Kyanite, Sillimanite, Limeshell, Limestone, Magnesite, etc.

Iron ore and Limestone together account for about 80% of the total MCDR mineral production by value. Production of these key minerals in the country has exhibited high growth in FY 2023-24 as per provisional figures.

The production of iron ore at 277 million metric ton (MMT) in FY 2023-24 has broken the production record of 258 MMT achieved in FY 2022-23, with a 7.4% growth. Showing a similar trend, limestone production has also surpassed the production record of 406.5 MMT achieved in FY 2022-23, increasing by 10.7% to 450 MMT in FY 2023-24.

In the non-ferrous metal sector, production of primary Aluminium metal in FY 2023-24 has broken the production record of FY 2022-23. Primary aluminium production increased from 40.73 lakh ton (LT) in FY 2022-23 to 41.59 LT during FY 2023-24, at 2.1% growth rate.

India is the 2nd largest Aluminium producer, 3rd largest lime producer and 4th largest iron ore producer in the world. Healthy growth in production of iron ore and limestone in FY 2023-24 reflect the robust demand conditions in the user industries viz. steel and cement. Coupled with the high growth in Aluminium, these growth trends point towards strong economic activity in user sectors such as energy, infrastructure, construction, automotive and machinery.

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