New Delhi [India]: The mineral production sector in India witnessed a significant upswing in July 2023, with a remarkable 10.7 per cent increase compared to the same month in the previous year.
These findings are based on the latest data released by the Indian Bureau of Mines (IBM), indicating a positive trajectory in the country's mineral production, read the Ministry of Mines press release.
The Index of Mineral Production for the mining and quarrying sector, using the base year 2011-12 as a reference, reached a level of 111.9 in July 2023. This robust growth demonstrates the sector's resilience and ability to contribute substantially to the nation's economic development.
The cumulative growth for the April-July period in 2023 compared to the same period in the previous year stands at an impressive 7.3 per cent. This consistent performance underscores the sector's role as a vital component of India's economic landscape, read the press release.
In July 2023, production figures for several critical minerals revealed promising numbers. Coal production stood at an impressive 693 lakh tonnes, while lignite production reached 32 lakh tonnes.
Natural gas utilization recorded 3062 million cubic meters, and crude petroleum production amounted to 25 lakh tonnes.
Additionally, essential minerals such as bauxite, chromite, copper concentrate, gold, iron ore, lead concentrate, manganese ore, zinc concentrate, limestone, phosphorite, and magnesite all contributed positively to the sector's growth read the press release.
Chromite, with a remarkable growth rate of 45.9 per cent, led the pack of minerals showing positive trends in July 2023 compared to the same month in 2022.
It was followed closely by manganese ore (41.7 per cent), coal (14.9 per cent), limestone (12.7 per cent), iron ore (11.2 per cent), and gold (9.7 per cent). These significant increases indicate the sector's capacity for expansion and diversification.
Furthermore, the mineral sector demonstrated its resilience with notable growth in copper concentrate (9 per cent), natural gas utilization (8.9 per cent), lead concentrate (4.7 per cent), zinc concentrate (3.6 per cent), magnesite (3.4 per cent), and crude petroleum (2.1 per cent), read the press release.
While the overall outlook is promising, some minerals showed a decline in production during July 2023. Lignite production declined marginally by -0.7 per cent, bauxite by -3.2 per cent, phosphorite by -24.7 per cent, and diamond by -27.3 per cent, read the release.
These fluctuations reflect the dynamic nature of the mineral production sector, which relies on various factors, including market demand and resource availability.
The growth in mineral production is not only significant for the sector itself but also holds broader implications for India's industrial and economic development. It highlights the sector's role in contributing to the nation's self-reliance and economic growth.
—ANI
