Mineral and Mining - #SectorUpdates

India holds huge reserve of iron ore, Bauxite, Chromium, Manganese ore, Baryte, Rare earth and Mineral salts. In FY22, number of reported mines in India is 1245 out of which 525 are metallic mineral mines and 720 are non metallic mineral mines. During FY 2021-22 coal productions reached around 777.31 MT, Mineral production is expected to value around US$ 24.95 billion. Also India ranks globally fourth in terms of iron ore production in the same FY. In India, Exports of Mica, Coal & Other Ores, Minerals including processed minerals are reported to values at US$429.56 million in May 2022 with a positive growth rate of 9.04% during 2021-22. In Union budget 2021, with an aim to boost up copper recycling in India, Government has reduced import duty from 5% to 2.5% on copper scrap. Government has allowed 100% FDI in the mining sector which enables the country to take a stronger position in the global market. Mining and quarrying sector itself contributes 2.5% to India’s GDP.  

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