February 2024 marked a significant upswing in India's mineral production index, reaching 139.6, representing an impressive 8 percent increase compared to the figures recorded in February 2023.
The cumulative growth trajectory of this index for the eleven-month period spanning April to February of the financial year 2023-24 showcased a commendable surge of 8.2 percent over the corresponding period of the preceding year.
According to a statement by the Ministry of Mines on Wednesday, several non-fuel minerals exhibited positive growth in February 2024 in contrast to the same month of the previous year. Notable minerals in this category include bauxite (used in aluminium production), chromite, copper concentrate, gold, zinc concentrate, and manganese ore.
Iron ore and limestone jointly contribute to about 80 percent of the total mineral production value. Encouragingly, the production of these crucial minerals witnessed robust growth during FY24.
India stands as the world's second-largest producer of aluminium, third-largest producer of limestone, and fourth-largest producer of iron ore. The surge in iron ore and limestone production mirrors the strong demand conditions in industries such as steel and cement.
The buoyant growth in aluminium production, alongside other minerals, hints at vibrant economic activities in sectors including energy, infrastructure, construction, automotive, and machinery.
Iron ore production in India surged from 230 million metric tonnes (MMT) during the April to February period of FY23 to 252 MMT during the corresponding period of FY24, marking a notable 9.6 percent growth. It is anticipated that the full-year iron ore production for FY24 will surpass the record achieved in FY23, standing at 258 MMT.
Likewise, limestone production witnessed a similar trajectory, escalating from 366 MMT during April to February of FY23 to 407 MMT during the corresponding period of FY24, indicating a substantial 11.2 percent growth. This already exceeds the full-year production record of 406.5 MMT set in FY23, as per data compiled by the Ministry of Mines.
In the non-ferrous metal sector, primary aluminium metal production surged from 37.11 lakh tonnes (LT) during April to February of FY23 to 38.02 LT during the same period of FY24, marking a 2.5 percent growth. The full-year production of primary aluminium in FY24 is poised to surpass the record achieved in FY23, which stood at 40.73 LT.
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