India’s Mineral Production Sees 5.9% YoY Growth

India's mineral production from mining and quarrying witnessed a notable 5.9% year-on-year growth, as the Press Information Bureau (PIB) reported on Wednesday. The surge in production was primarily driven by the robust demand for coal, with the country producing over 99.8 million tonnes of coal during the period.

India, the world's second-largest coal consumer, experienced a surge in coal-fired electricity generation in January, reaching record-high levels. This increase in electricity generation was fueled by rising demand for air conditioning, resulting in power generation firms maintaining substantial coal usage and minimal shifts to alternative energy sources.

Furthermore, other essential minerals like iron ore, crucial for steel production, also witnessed a significant uptick in sales value, recording a remarkable year-on-year growth of nearly 41%. India's iron ore production stood at 25.2 million tonnes during the reported period, reflecting the country's growing steel demand.

The PIB release also highlighted substantial growth in the production of minerals such as Magnesite, which is utilized in the production of synthetic rubber, with a growth rate exceeding 90%. Similarly, copper concentrate production, essential for refined copper manufacturing, saw a notable increase of over 34%.

India's refined copper production is projected to reach approximately 555,000 metric tonnes per year in the coming fiscal year. Concurrently, domestic copper consumption is anticipated to surpass 750,000 metric tons, underscoring the nation's ongoing industrial growth and infrastructure development.