In a promising development for India’s mining and quarrying sector, the index of mineral production for the month of January 2024 has shown a robust growth of 5.9% compared to the same period last year. According to the latest data released by the Indian Bureau of Mines (IBM), the production index now stands at 144.1, based on a 2011-12 baseline.
The cumulative growth rate for the period of April 2023 to January 2024 over the corresponding period of the previous year is also encouraging, at 8.3%. This upward trajectory indicates a positive trend in the country’s mineral extraction and underscores the resilience of the sector.
Among the key minerals, coal production stood at a significant 998 lakh tonnes, showing a notable growth of 10.3% in January 2024 compared to the previous year. Limestone production also saw a commendable increase of 10%, reaching 394 lakh tonnes. Bauxite, manganese ore, and natural gas (utilised) recorded growth rates of 9.8%, 7.8%, and 5.5% respectively, contributing to the overall positive performance of the sector.
Magnesite emerged as the frontrunner in terms of growth, with an impressive surge of 90.1% in production compared to January 2023. Copper concentrate followed suit with a growth rate of 34.2%, underlining the diversification and expansion efforts within the mining industry.
However, there were certain minerals that experienced a decline in production during January 2024. Gold production witnessed a significant decrease of 23.4%, while chromite and phosphorite production declined by 35.2% and 44.4% respectively. Despite these setbacks, the overall performance of the mining and quarrying sector remained positive, driven by the growth in key minerals.
This growth in mineral production is expected to have positive implications for various industries reliant on these resources, such as manufacturing, infrastructure, and energy. The increase in coal and natural gas production, in particular, bodes well for India’s energy security and economic growth.
