Indian Mining Industry Sets New Production Record in FY24

It seems like 2024 and the upcoming years will be India’s years; this is the only start of 2024, and the mining industry in India has already seen a significant increase. as indicated by the 8% increase in the index of mineral production for February 2024 compared to the same period last year. The growth can be dedicated to key minerals such as iron ore and limestone, and the minerals contribute around 80% of the total value of mineral mining production in India.

Raw data suggests that iron ore production has surged from 230 million metric tonnes (MMT) to 252 MMT for the April-February period, which is around 9.6% growth and surpasses the FY23 record of 258 MMT.

Limestone, on the other hand, saw marvellous growth of 11.2% as compared to the financial year 2023. The product of limestone touched 407 MMT, which not only breaks last year’s record but also the previous annual record of 406.5 MMT attained last year.

Other than limestone and iron ore, other minerals are showing positive growth in mining, like aluminium metal, which increased by 2.5% during the April–February period of FY24 and is projected to exceed the previous annual record of 40.73 lakh metric tonnes (LT) established in FY23.

India is growing unimaginably; currently, the nation holds the 2nd position as the largest aluminium producer, followed by the 3rd largest lime producer and the 4th largest iron ore producer around the globe.

Also in February 2023, the Geological Survey of India (GSI) announced that they had found lithium ore in Jammu and Kashmir, specifically in the Salal-Haimana area of the Reasi district. According to the Geological Survey of India, the resource can be 5.9 million metric tonnes, making India the 7th largest source of lithium worldwide.