Growth in Mining Sector in April 2024 After Record Production Levels in FY 2023-24
Iron ore and Limestone together account for about 80% of the total MCDR mineral production by value. These key minerals exhibited record production levels in FY2023-24, with production of iron ore at 277 million metric tonnes (MMT) and of limestone at 450 MMT in FY 2023-24.
In the first month of FY2024-25, there is a steady increase in the production of these minerals as compared to the production in the corresponding month last year. Production of iron ore has increased from 25 MMT during April 2023 to 26 MMT during April 2024, with 4% growth. Production of limestone has increased from 38.5 MMT during April 2023 to 39.3 MMT during April 2024, with 2.1% growth.
In the non-ferrous metal sector, production of primary Aluminium metal in FY 2023-24 hit record level at 41.6 lakh tonnes (LT). In the current financial year, Aluminium production continues to be on a growth track. Aluminium production during April 2024 at 3.42 LT is higher than the 3.39 LT production during April 2023by 1%.
India is the 2nd largest Aluminium producer, 3rd largest lime producer and 4th largest iron ore producer in the world. Continued growth in production of iron ore and limestone in the current financial year reflect the robust demand conditions in the user industries viz. steel and cement. Coupled with growth in Aluminium, these growth trends point towards continued strong economic activity in user sectors such as energy, infrastructure, construction, automotive and machinery.
Observer Voice is the one stop site for National, International news, Editor’s Choice, Art/culture contents, Quotes and much more. We also cover historical contents. Historical contents includes World History, Indian History, and what happened today. The website also covers Entertainment across the India and World.
Follow Us on Twitter, Instagram, Facebook, & LinkedIn