New Delhi: According to a report by the Press Information Bureau of India (PIB), the country’s mineral production sector witnessed a significant growth in February 2024. The index of mineral production (MCDR) for the month of February was 139.6, which was 8% higher than the corresponding month in 2023.
The cumulative growth rate of the index for the 11 months period April-February 2024 to February 2023 was 8.2%, the report said. The growth in production of iron ore and limestone, which account for about 80% of the total MCDR by value, was particularly high. Iron ore production increased by 9.6% to 252 million metric tons (MMT) during the 11 months of February 2024 to February 2023, with a full-year production of iron ore expected to break the 258 MMT production record of the previous fiscal year.
Limestone production has also increased by 11.2% to 407 MMT during the corresponding period of the two years, crossing the 406.5 MMT production record of the previous fiscal year. The growth in the production of aluminum metal has been 2.5% to 38.02 LT during the 11 months of February 2024 to February 2023, with the full-year production of primary aluminum expected to also break the 40.73 LT production record of the previous fiscal year.
The report indicates that India is the world’s second-largest producer of aluminum, third-largest producer of lime, and fourth-largest producer of iron ore. Healthy growth in the production of iron ore and limestone reflects strong demand conditions in the user industries of steel and cement. Increased growth in the production of aluminum metal also points to strong economic activity in key sectors such as energy, infrastructure, construction, automotive, and machinery.