New Delhi, May 3, 2024: The index of mineral production for March 2024 registered a notable increase, standing at 156.1, marking a 1.2% rise compared to March 2023. Furthermore, the index for the entire fiscal year 2023-24 has shown a commendable increase of 7.5% over the previous fiscal year 2022-23. Several non-fuel minerals have demonstrated positive growth in March 2024 compared to the same month in the previous year, including Copper Concentrate, Gold, Manganese Ore, Diamond, Graphite, Kyanite, Sillimanite, Limeshell, Limestone, and Magnesite.
Iron ore and Limestone, collectively constituting approximately 80% of the total Mineral Concession Development Rules (MCDR) mineral production by value, have exhibited significant growth in production during FY 2023-24 based on provisional figures. Iron ore production reached 277 million metric tons (MMT) in FY 2023-24, surpassing the previous production record of 258 MMT achieved in FY 2022-23, representing a growth of 7.4%. Similarly, limestone production has seen a remarkable increase, rising by 10.7% from 406.5 MMT in FY 2022-23 to 450 MMT in FY 2023-24.
In the non-ferrous metal sector, the production of primary Aluminium metal in FY 2023-24 has exceeded the production record of FY 2022-23. Primary aluminium production surged from 40.73 lakh tons (LT) in FY 2022-23 to 41.59 LT during FY 2023-24, indicating a growth rate of 2.1%.
India stands as the world’s 2nd largest Aluminium producer, 3rd largest lime producer, and 4th largest iron ore producer. The robust growth in the production of iron ore and limestone during FY 2023-24 underscores the strong demand conditions in user industries such as steel and cement. Moreover, the substantial growth in Aluminium production reflects vibrant economic activity across sectors including energy, infrastructure, construction, automotive, and machinery.
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