India’s mining sector sees growth in April 2024 after record production levels in FY 2023-24: Govt.

The Ministry of Mines reported a positive start to the financial year 2024-25 with an increase in production of key minerals and aluminum metal in April 2024 in the country. Reaches record production levels achieved in fiscal year 2023-2024.

According to a press release by the Ministry of Mines, iron ore and limestone, which together constitute about 80 per cent of the total mineral production in terms of value under the Mines and Minerals (Development and Regulation) Act, have achieved unprecedented production volumes in the financial year 2023-24. .

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

In April 2024, production of these minerals continued to increase. Iron ore production increased from 25 MMT in April 2023 to 26 MMT in April 2024, a 4 percent increase, the press release said.

Similarly, limestone production increased from 38.5 MMT in April 2023 to 39.3 MMT in April 2024, reflecting an increase of 2.1%.

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

This growth trajectory has continued in the current financial year, with aluminum production reaching 342,000 tonnes in April 2024, a slight increase from 339,000 tonnes in April 2023, an increase of 1%, the press release said .

India’s position in the global minerals market is significant, being the second largest producer of aluminum, the third largest producer of limestone and the fourth largest producer of iron ore.

The steady growth in iron ore and limestone production indicates strong demand from the steel and cement industries. As aluminum production increases, these trends point to continued economic activity in key sectors such as energy, infrastructure, construction, automotive and machinery.