India's mining sector expected to grow in April 2024 after record production levels in FY2023-24: Government

Ronit Kawale
Ronit Kawale - Senior Editor
2 Min Read

The Ministry of Mines has reported a positive start to FY 2024-25, with the country's production of key minerals and aluminium metal rising in April 2024. This follows the record production levels achieved in FY 2023-24.

According to a Ministry of Mines press release, iron ore and limestone, which account for nearly 80 per cent of the total mineral production under the Mines and Minerals (Development and Regulation) Act, reached unprecedented production figures in FY 2023-24.

Iron ore production reached 277 million metric tons (MMT), while limestone production reached 450 MMT.

The production of these minerals will continue to increase in April 2024. The press release said that iron ore production will increase from 25 MMT in April 2023 to 26 MMT in April 2024, representing a growth of 4 per cent.

Similarly, limestone production is expected to increase from 38.5 MMT in April 2023 to 39.3 MMT in April 2024, showing a growth of 2.1 per cent.

In the non-ferrous metals sector, India achieved a record primary aluminium production of 4.16 million tonnes (MT) in FY 2023-24.

This growth rate will continue in the current financial year as well, with aluminium production reaching 342,000 tonnes in April 2024, slightly higher than 339,000 tonnes in April 2023, representing a growth of 1 per cent, the press release said.

India's position in the global mineral market is significant, as it is the second largest producer of aluminium, the third largest producer of limestone and the fourth largest producer of iron ore.

Continued growth in iron ore and limestone production indicates strong demand from the steel and cement industries. Along with the rise in aluminium production, these trends indicate continued economic activity in key sectors such as energy, infrastructure, construction, automotive and machinery.

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