Last Updated: July 05, 2018
Last Updated: June, 2018
India holds a fair advantage in cost of production and conversion costs in steel and alumina. Its strategic location enables convenient exports to develop as well as the fast-developing Asian markets.
India produces 95 minerals– 4 fuel-related minerals, 10 metallic minerals, 23 non-metallic minerals, 3 atomic minerals and 55 minor minerals (including building and other minerals).
Rise in infrastructure development and automotive production are driving growth in the sector. Power and cement industries are also aiding growth in the metals and mining sector. Demand for iron and steel is set to continue, given the strong growth expectations for the residential and commercial building industry.
India is the 3rd largest producer of coal. Coal production stood at 676.51 million tonnes in FY18. India has the 5th largest estimated coal reserves in the world, standing at 308.802 billion tonnes in FY16.
India ranks 4th in terms of iron ore production globally. In FY18, production of iron ore stood at 210 million tonnes. India has around 8 per cent of world’s deposits of iron ore.
India stood as the third largest crude steel producer with output of 101.4 million tonnes in 2017. Crude steel production in the country rose to 102.34 million tonnes in FY18.
According to Ministry of Mines, India has the 7th largest bauxite reserves- around 2,908.85 million tonnes in FY17. Aluminium production stood at 1.60 million metric tonnes during Apr-Sept 2017 and is forecasted to grow to 3.33 million tonnes in FY20.
There is significant scope for new mining capacities in iron ore, bauxite and coal and considerable opportunities for future discoveries of sub- surface deposits.
Infrastructure projects continue to provide lucrative business opportunities for steel, zinc and aluminium producers. Aluminium production is forecasted to grow to 3.33 million metric tonnes by FY20.
Iron and steel make up a core component of the real estate sector. Demand for these metals is set to continue given strong growth expectations for the residential and commercial building industry.
Exchange Rate Used: INR 1 = US$ 0.015 as on March 1, 2018
References: Media Reports, Press Information Bureau (PIB), Union Budget 2017-18
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Last Updated: July 05, 2018
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