Mining Sector Shines: India Records Impressive Growth in Mineral Production - Find Out the Key Minerals Fuelling the Success

India’s mining and quarrying sector showed growth in February 2023, according to the latest data from the Ministry of Mines. The sector recorded a 3.9% year-on-year growth in February 2023, the highest since November 2019. This was driven by increased activity in the segments such as iron ore, limestone, and bauxite. The growth reflects that the Indian mining sector is on track for recovery following a period of slowdown due to low commodity prices and the coronavirus pandemic.

In this article, we will discover what contributed to the progress and how much.

Significant Increase In Mineral Production Index

The mineral production index reached 129.0, marking a 4.6% increase compared to February 2022. According to provisional data from the Indian Bureau of Mines (IBM), the cumulative growth for April-February 2022-23 surpassed the corresponding period of the previous year by 5.7%. This impressive growth can be attributed to the increased production levels of several essential minerals.

Major Minerals Show Promising Growth

The following are the critical mineral production levels as of February 2023:

• Petroleum (Crude)- 22 lakh tons
• Lignite- 41 lakh tons
• Natural gas (Utilised)– 2595 million cu. m.
• Bauxite– 1995 thousand tons
• Chromite- 330 thousand tons
• Copper Concentrate– 9 thousand tons
• Gold– 9 kg
• Iron ore– 245 lakh tons
• Lead concentrate– 31 thousand tons
• Manganese ore– 278 thousand tons
• Zinc concentrate– 144 thousand tons
• Limestone– 336 lakh tonnes

Several vital minerals displayed growth in February 2023 compared to 2022. These include:

•  Phosphorite– 60.2%
• Coal- 8.3%
• Iron Ore- 7.4%
• Lead Concentrate- 7.3%
• Natural Gas- 3.2%
• Zinc concentrate- 1.1%      
• Limestone– 0.9%
• Copper Concentrate- 0.5%

OFB’s Insight

The significant growth in the production of essential minerals indicates a promising future for India’s mining and quarrying sector. This positive trend is expected to continue, contributing to the country’s economic development and providing numerous opportunities for employment and investment in the industry.

Read More – India’s Coal Consumption Skyrockets In 2023: These Ports Are Leading The Way

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