Mining Sector: Achievement Report

11 Months agoIn the last two years, the Indian mining sector has witnessed major policy interventions - promoting exploration, private sector participation as well as growth.

India is blessed with abundant mineral deposits and the country’s mining sector forms an important segment of the economy contributing around 2.6% to the country’s GVA (FY 2015- 16(PE)). 1 India produces 90 different types of minerals (fuel, atomic, metallic and non-metallic minerals). India is also the third largest coal producer, third largest steel producer, fourth largest Iron-ore producer globally and has the fifth largest Bauxite reserves in the world. With barely 20% of reserves mined, India presents a major opportunity for investors.

During the last two years, the sector has witnessed major policy interventions to promote exploration and enhance private sector participation that has aided in sector’s growth. The mineral production witnessed a 9% growth in FY 2015-16. It recorded 7.23% growth in FY 2016-17 (Apr –Sep) driven primarily due to increase in production of Iron ore (25.85% growth) and Chromite (25.9% growth). The year also witnessed a significant increase in exports of Iron ore and ores & concentrates of copper and chrome along with a significant decrease in imports of Iron ore and ores & concentrates of aluminium, copper, chrome and manganese.

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