Growth and Production Trends
In the fiscal year 2023-24, India’s mining industry achieved a record production of 277 million metric tons (MMT) of iron ore, marking a 7.4% increase from the previous year. This growth underscores the sector’s capacity to meet both domestic and international demand.
Similarly, limestone production rose from 77 MMT in April-May 2023 to 79 MMT in the same period in 2024, reflecting a 2.6% increase. These figures highlight the sector’s robust performance and its critical role in supporting infrastructure development.
Technological Advancements and Challenges
The Indian mining industry is increasingly adopting new technologies and digitization to enhance efficiency and sustainability. However, challenges such as inefficiencies and environmental concerns persist, necessitating continued innovation and adherence to best practices.
Looking ahead, the mining sector is poised for further growth, with projections indicating a compound annual growth rate (CAGR) of 5.5% from 2025 to 2029, potentially reaching a market volume of 1,469,000 metric tons by 2029.
This growth is expected to be driven by increased demand for critical minerals, technological advancements, and strategic investments.
In summary, India’s mining sector is on a positive trajectory, characterized by record production levels, technological progress, and a favorable outlook for continued growth and development.
