Mining start-up webinar promotes research, innovation in mining sector
The webinar was organised by the Ministry of Mines, and attended by more than 200 participants.
The Ministry of Mines on Friday highlighted that the index of mineral production for the Financial Year 2023-24 has increased by 7.5 per cent over FY 2022-23.
For March 2024, the index was 156.1, which is 1.2 per cent higher as compared to the level in the same month last year.
The production of iron ore, which was recorded 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 per cent growth, the ministry highlighted.
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Showing a similar trend, limestone production has also surpassed the production record of 406.5 MMT achieved in FY 2022-23, an increase by 10.7 per cent 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 to 41.59 LT during FY 2023-24 from 40.73 lakh tonne (LT) in FY 2022-23, at 2.1 per cent growth rate.
Iron ore and Limestone together account for about 80 per cent of the total MCDR mineral production by value, the ministry said.
Highlighting the March number, the ministry said some of the non-fuel minerals showing positive growth during 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 among others.
India is the second largest Aluminium producer, third largest lime producer and fourth largest iron ore producer in the world.
The Ministry of Mines believed that the 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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