The Business Bytes
New Delhi, November 28, 2024 (TBB Bureau): India continues to shine as a key player in the global mining and metal production industry, posting strong growth in the production of iron ore and non-ferrous metals during the first seven months of FY 2024-25 (April-October). This performance comes on the heels of record-breaking production levels achieved in FY 2023-24, according to data released by the Ministry of Mines on Thursday.
Iron ore, which constitutes 69% of India’s total mineral production by value, has once again proved to be the backbone of the country’s mining industry. For the full financial year 2023-24, India produced a staggering 274 million metric tonnes (MMT) of iron ore. During the first seven months of FY 2024-25, iron ore production increased to 158.4 MMT, marking a 4.1% growth compared to 152.1 MMT during the same period last year. This growth underscores the strong demand conditions in the steel industry, where iron ore serves as a critical input.
The production of manganese ore and bauxite has shown remarkable improvement during the period under review. Manganese ore production increased by 11.1% to 2.0 MMT, compared to 1.8 MMT during the corresponding period in FY 2023-24. Similarly, bauxite production rose by 11.3%, reaching 13.8 MMT, up from 12.4 MMT in the same period of the previous fiscal year.
India’s non-ferrous metal sector has also recorded consistent growth, with primary aluminium production rising by 1.2% to 24.46 lakh tonnes (LT) from 24.17 LT in FY 2023-24. At the same time, refined copper production surged by 6%, increasing to 3.00 LT from 2.83 LT. This steady performance underlines India’s status as the world’s second-largest aluminium producer and one of the top 10 producers of refined copper, while also maintaining its position as the fourth-largest producer of iron ore globally.
The growth in mineral and metal production reflects India’s robust industrial activity. Industries such as energy, infrastructure, construction, automotive, and machinery continue to drive demand for these critical resources. Additionally, India’s steel consumption has seen an unprecedented 13.5% rise in the first half of FY 2024-25, the highest among large economies, as per the Ministry of Steel. This double-digit growth further validates the country’s expanding economic activities and infrastructure push.
India’s continued performance in mineral and metal production highlights its strategic role in meeting both domestic and global demands. With sustained growth trends, the country is poised to strengthen its position as a key supplier in the global commodities market, ensuring the resilience of its industrial and economic ecosystems.
