NOVEMBER, 20249INDIA'S IRON ORE PRODUCTION RISES BY 5.5 PERCENT COMPARED TO PREVIOUS YEARCLIMATE CHANGE TO COST INDIA 24.7 PERCENT OF ITS GDPClimate change under a high-end emissions scenario could lead to a 16.9 per cent loss in GDP by 2070 across the Asia and Pacific region, with India projected to suffer a 24.7 per cent GDP loss, according to a new report. Rising sea levels and decreasing labour productivity would drive the most significant losses, with lower-income and fragile economies being hit the hardest, it said. The new research, presented in the inaugural issue of ADB's "Asia-Pacific Climate Report", details a series of damaging impacts threatening the region.It says that if the climate crisis continues to accelerate, up to 300 million people in the region could be at risk from coastal inundation, and trillions of dollars' worth of coastal assets could face annual damage by 2070."Climate change has supercharged the devastation from tropical storms, heat waves, and floods in the region, contributing to unprecedented economic challenges and human suffering," said ADB President Masatsugu Asakawa.Urgent, well-coordinated climate action addressing these impacts is necessary before it is too late, he said.This climate report provides insights into financing urgent adaptation needs and offers promising policy recommendations to governments in our developing member countries on how to reduce greenhouse gas emissions at the lowest cost, he added."By 2070, climate change under a high-end emissions scenario could cause a total loss of 16.9 percent of GDP across the Asia and Pacific region. Most of the region would face more than 20 percent loss. India iron-ore output in the first half of the current fiscal was 5.5 percent higher than a year ago. The country produced 135 million tonnes (MT) of the ore compared with 128 MT in the same period of the previous fiscal, the mines ministry said on Friday.Production of manganese ore was also higher compared with the first half of FY24-up by 6.2 percent to 1.7 MMT. India also reported higher coal output in October.Among non-ferrous metals, primary aluminium production in the months under review was higher by 1.2% from the corresponding period of last year to 20.90 lakh tonnes (LT). Output of refined copper was 4.6 percent higher at 2.50 LT.According to the ministry, India is the world's second-largest aluminium producer, among the top 10 producers of refined copper, and the fourth-largest iron ore producer."These growth trends point towards continued strong economic activity in user sectors such as energy, infrastructure, construction, automotive and machinery," a ministry statement said.Coal production last month reached 84.45 MT-- an increase of 7.48 percent from a year ago.Cumulative coal production for the fiscal up to October 2024 reached 537.45 MT, representing growth of 6.10 percent, the coal ministry said in a statement. TOP STORIES
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