The Business Bytes
New Delhi, May 02, 2024 (TBB Bureau): The latest data released by the Indian Bureau of Mines (IBM) reveals a significant uptick in the index of mineral production for the mining and quarrying sector in February 2024. Compared to the same period last year, the index stands at 139.6, marking an impressive 8 per cent increase. This surge underscores the sector’s resilience and growth trajectory despite challenges and fluctuations in global markets.
A comprehensive analysis of mineral production during February 2024 highlights notable figures across various categories. Coal production reached 966 lakh tonnes, while lignite stood at 42 lakh tonnes. Natural gas utilization witnessed a substantial rise, reaching 2886 million cubic metres, alongside petroleum crude production at 23 lakh tonnes.
The mineral landscape also saw robust performances in key sectors, with bauxite production hitting 24.14 lakh tonnes, chromite at 4 lakh tonnes, and copper concentrate at 11,000 tonnes. Gold production notably surged by 86 per cent, indicating a promising trend in precious metal extraction. Iron ore and lead concentrate, however, experienced slight contractions at -0.7 per cent and -14 per cent respectively.
Furthermore, the provisional statistics for the cumulative growth from April 2023 to February 2024 reveal an overall 8.2 per cent increase compared to the corresponding period of the previous year. This sustained growth underscores the sector’s vital contribution to India’s industrial landscape and economic development.
Positive growth trends were observed across various minerals during February 2024, with gold, copper concentrate, and bauxite leading the charge with impressive double-digit increases. Other minerals such as phosphorite, limestone, and coal also showcased notable growth figures, reflecting a diverse and dynamic mineral production landscape.
