Posted by PIB Delhi at 6:52 PM on May 2, 2024.
With a value of 139.6, the mining and quarrying sector’s index of mineral output for the month of February, 2024 (Base: 2011-12=100) is 8.0% greater than its level in the same month the previous year.
The Indian Bureau of Mines’ (IBM) preliminary statistics show that there was an 8.2% cumulative growth from April to February of 2023–2024 compared to the same period the previous year.
The following major mineral production levels were recorded in February 2024: 966 lakh tonnes of coal, 42 lakh tonnes of lignite, 2886 million cu.m. of used natural gas, 23 lakh tonnes of crude petroleum, 2414 thousand tonnes of bauxite, 400 thousand tonnes of chromite.
11 thousand tonnes of copper concentrate, 255 kg of gold, 244 lakh tonnes of iron ore, 27 thousand tonnes of lead concentrate, 295 thousand tonnes of manganese ore, 149 thousand tonnes of zinc concentrate, Limestone 387 lakh tonn
The following major mineral production levels were recorded in February 2024: 966 lakh tonnes of coal, 42 lakh tonnes of lignite, 2886 million cu.m. of used natural gas, 23 lakh tonnes of crude petroleum, 2414 thousand tonnes of bauxite, 400 thousand tonnes of chromite.
11 thousand tonnes of copper concentrate, 255 kg of gold, 244 lakh tonnes of iron ore, 27 thousand tonnes of lead concentrate, 295 thousand tonnes of manganese ore, 149 thousand tonnes of zinc concentrate, Limestone 387 lakh tonn.
India’s mineral production experienced a significant uptick in February 2024, marking an 8% increase compared to the same month in the previous year. This growth is indicative of the country’s robust mining sector and its pivotal role in supporting various industries.
Index of Mineral Production
The Index of Mineral Production for the mining and quarrying sector reached 139.6 in February 2024, reflecting an 8% rise from February 2023. This index serves as a crucial indicator of the mining sector’s performance and its contribution to the industrial landscape.
Cumulative Growth
From April 2023 to February 2024, the cumulative growth in mineral production stood at 8.2% compared to the corresponding period of the previous fiscal year. This consistent growth underscores the sector’s resilience and its capacity to meet the increasing demands of various industries.
Performance of Individual Minerals
Gold: Production surged by 10.5%, driven by heightened demand in jewelry and investment sectors. Several minerals exhibited notable growth in February 2024:
- Copper Concentrate: Saw a 9.7% increase, reflecting the metal’s essential role in electrical and construction applications.
- Bauxite: Experienced a 7.8% rise, highlighting its importance in aluminum production.
- Limestone: Grew by 6.5%, underscoring its critical use in cement manufacturing and construction.
Conversely, some minerals faced declines:
- Production decreased by 3.2%, potentially due to regulatory challenges or market fluctuations. Fell by 2.5%, possibly reflecting reduced demand or operational issues.
- India maintains a strong position in the global minerals market:
- Aluminum: Ranked as the second-largest producer, showcasing the country’s significant contribution to the global supply.
- Limestone: Holds the third position globally, emphasizing its abundant reserves and production capacity.
- Iron Ore: Stands as the fourth-largest producer, reflecting its extensive mining operations and export potential.
Regional Contributions
- Odisha: Leads in the production of aluminum ore and iron ore, contributing significantly to the national output.
- Rajasthan: Accounts for the highest share of limestone production, playing a crucial role in the cement industry.
Implications for the EconomyThe sustained growth in mineral production has several positive implications:
- Industrial Development: Ensures a steady supply of raw materials for sectors like construction, manufacturing, and energy.
- Employment Opportunities: Generates jobs in mining, processing, and related industries, bolstering economic stability.
- Export Potential: Enhances foreign exchange earnings through the export of surplus minerals.
Future Outlook
The Indian government continues to focus on policies that promote sustainable mining practices, technological advancements, and infrastructure development to support the sector. Initiatives aimed at reducing environmental impact and improving efficiency are expected to further strengthen India’s position in the global mineral market.
In conclusion, the 8% growth in mineral production in February 2024 reflects India’s dynamic mining sector and its critical role in the nation’s economic development. Continued efforts to enhance production capabilities while ensuring environmental sustainability will be key to maintaining this upward trajectory.
Group Media Publication
Construction, Infrastructure and Mining
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