India's Mining Sector Growth: 7.5% in FY24
May 03, 2024 18:43
India's mining sector saw a 7.5% growth in FY24, driven by increased iron ore and limestone production. This reflects strong demand in steel and cement sectors, indicating robust economic activity.
Photograph: Danish Siddiqui/Reuters
New Delhi, May 3 (PTI) India's mining sector grew by 7.5 per cent in FY24, with production of iron ore and limestone recording high growth during the year, an official statement said on Friday.
For the month of March, the index of mineral production was 1.2 per cent higher year-on-year at 156.1.
Production of iron ore was at 277 million metric tonne (MMT) in 2023-24 against 258 MMT in 2022-23, registering a growth of 7.4 per cent.
"Showing a similar trend, limestone production has also surpassed the production record of 406.5 MMT achieved in FY 2022-23, increasing by 10.7 per cent to 450 MMT in FY 2023-24," the statement said.
The production growth of iron ore and limestone reflects the robust demand conditions in the user industries viz. steel and cement.
Coupled with the high growth in aluminium, these growth trends point towards strong economic activity in user sectors such as energy, infrastructure, construction, automotive and machinery.
In the non-ferrous metal sector, the production of primary aluminium increased from 40.73 lakh tonne (LT) in 2022-23 to 41.59 LT during 2023-24.
India is the second largest aluminium producer, third largest lime producer and fourth largest iron ore producer in the world.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.