[ad_1]
New Delhi: The union ministry of mines has said India’s mineral production index for October 2023 was 13.1% higher than in the same month last year. Citing provisional statistics from the Indian Bureau of Mines (IBM), it said cumulative growth for April-October was 9.4% year-on-year.
“The production level of important minerals such as iron ore (up by 66.8%), manganese ore (up by 33.1%), gold (up by 19.6%), coal (up by18.5%), limestone (up by 14%), zinc concentrate (up by 10%), utilised natural gas (up by 9.9%), magnesite (up by 6.7%), lead concentrate (up by 4.7%) and crude petroleum (up by 1.3%) had all improved, with iron ore in particular up in value from ₹3,518 crore to ₹8,411 crore,” read a statement from the ministry.
However, the statement added, production of other important minerals such as lignite, copper concentrate, bauxite, chromite and phosphorite declined in October.
The government has been taking steps to boost India’s production of critical minerals. In July, the ministry drew up a list of 30 such minerals, based on the recommendations of a committee.
These include tin, which is used in aerospace, construction, home decor, electronics, jewelry, and telecommunications; molybdenum, used in steel alloys, pigments, and dyes, catalysts, electrical, and electronics; graphite, used in batteries, lubricants, EVs, and fuel cells for EVs and nickel, used in stainless steel, solar panels, batteries, aerospace, defense applications, and electric vehicles.
The increased focus on critical minerals is part of India’s ambitious plans to achieve energy transition and strengthen domestic manufacturing.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
Published: 01 Jan 2024, 07:12 PM IST
[ad_2]
Source link