The latest report from the Indian Bureau of Mines (IBM) highlights a substantial increase in the index of mineral production for the mining and quarrying sector in February 2024. Compared to the same month in the previous year, the index stands at 139.6, marking an impressive 8.0% rise.
According to provisional statistics provided by IBM, the cumulative growth for the period of April-February 2023-24 over the corresponding period of the previous year is recorded at 8.2%, reflecting sustained growth and development in the mineral production sector.
Key minerals recorded significant production levels in February 2024, with notable figures including coal at 966 lakh tonnes, lignite at 42 lakh tonnes, natural gas (utilized) at 2886 million cubic meters, and petroleum (crude) at 23 lakh tonnes. Other minerals such as bauxite, chromite, copper concentrate, gold, iron ore, lead concentrate, manganese ore, zinc concentrate, limestone, phosphorite, and magnesite also contributed to the production landscape.
A closer look at the data reveals positive growth trends in several important minerals during February 2024 compared to the same period in 2023. Notable highlights include gold witnessing an 86% growth, followed by copper concentrate (28.7%), bauxite (21%), and chromite (21%). Additionally, phosphorite, limestone, coal, natural gas (utilized), and petroleum (crude) also registered significant positive growth rates.
However, some minerals experienced negative growth during the same period, with iron ore (-0.7%) and lead concentrate (-14%) being notable examples.
Overall, the latest report underscores the positive momentum in India’s mineral production sector, indicating robust growth and resilience despite various challenges. Continued focus on sustainable mining practices and resource management will be essential to further enhance the sector’s contribution to the country’s economic development.
