In February 2024, the mineral production index reached 139.6, marking an 8.0 percent increase compared to February 2023. From April to February of Fiscal Year 2024 (FY24), the cumulative growth of this index surged by 8.2 percent compared to the same period in the previous fiscal. Notably, various non-fuel minerals experienced positive growth, including Bauxite, Chromite, Copper Concentrate, Gold, Zinc Concentrate, Manganese Ore, Phosphorite, Diamond, Graphite (R.O.M.), Limestone, Magnesite, among others.
Iron ore and Limestone constitute approximately 80 percent of the total MCDR mineral production by value. Provisional figures demonstrate a significant surge in the production of these key minerals during FY24. Iron ore production escalated from 230 million metric tonnes (MMT) in the April to February period of FY23 to 252 MMT in the corresponding period of FY24, reflecting a growth rate of 9.6 percent. FY24’s full-year iron ore production is projected to surpass the record of 258 MMT achieved in FY23. Likewise, limestone production surged from 366 MMT to 407 MMT during the same period, marking an 11.2 percent increase and surpassing the previous full-year production record of 406.5 MMT achieved in FY23.
In the non-ferrous metal sector, primary Aluminium metal production increased from 37.11 lakh tonnes in the April to February period of FY23 to 38.02 lakh tonnes in the corresponding period of FY24, registering a growth of 2.5 percent. FY24’s full-year primary Aluminium production is expected to exceed the production record of 40.73 lakh tonnes set in FY23.
India holds significant positions globally as the 2nd largest Aluminium producer, 3rd largest lime producer, and 4th largest iron ore producer. The robust growth in iron ore and limestone production reflects strong demand in user industries like steel and cement. When combined with the growth in Aluminium production, these trends suggest robust economic activity in sectors such as energy, infrastructure, construction, automotive, and machinery.
