India’s Mineral Production Sees Incremental Growth in March 2024

New Delhi: India’s mineral production index for the month of March 2024 stood at 156.1, marking a 1.2% increase compared to March 2023. The overall index for the fiscal year 2023-24 has shown a commendable growth of 7.5% over the previous fiscal year, indicating a positive trajectory in the country’s mineral sector.

Several non-fuel minerals have contributed to this upward trend, with notable growth observed in Copper Concentrate, Gold, Manganese Ore, Diamond, Graphite, Kyanite, Sillimanite, Limeshell, Limestone, and Magnesite, among others.

Iron ore and limestone, pivotal minerals in India’s mineral landscape, have played a significant role in driving this growth. Together, they constitute about 80% of the total Mineral Conservation and Development Rules (MCDR) mineral production by value. Iron ore production in FY 2023-24 reached a record high of 277 million metric tons (MMT), showcasing a remarkable 7.4% increase over FY 2022-23’s production of 258 MMT. Similarly, limestone production surged by 10.7%, surpassing the previous fiscal year’s production record of 406.5 MMT to reach 450 MMT in FY 2023-24.

In the non-ferrous metal sector, primary Aluminium production in FY 2023-24 also set a new record, climbing from 40.73 lakh tons (LT) in FY 2022-23 to 41.59 LT, reflecting a growth rate of 2.1%.

India’s stature as the 2nd largest Aluminium producer, 3rd largest lime producer, and 4th largest iron ore producer underscores its significant contribution to the global mineral landscape.