The Indian Mines Ministry announced on Thursday that the country's mineral output increased 10.7% in July compared to last year.
According to the provisional data provided by the Indian Bureau of Mines (IBM), the mining and quarrying sector's index of mineral output for July 2023 was 111.9, up 10.7% from the corresponding period in the previous year.
The total increase over the April through July timeframe of this fiscal year and the same timeframe for FY23 is 7.3%.
In July, there were 693 lakh tonnes of coal produced, 32 lakh tonnes of lignite, 25 lakh tonnes of crude oil, 14,77,000 tonnes of bauxite, and 2,80,000 tonnes of chromite.
Minerals like chromite, manganese ore, coal, limestone, iron ore, gold, and copper concentrate demonstrated a rise in July 2023 compared to July 2022.
Among the minerals that experienced a contraction were
diamond;
lignite;
bauxite;
phosphorite.
The Indian government recently passed crucial laws to let private entities seek and mine these minerals to expand supply and decrease reliance on imports, following the adoption of its first-ever policy on vital minerals in June of this year.
Simultaneously, Chile has expressed willingness, among other countries in the Latin America region, to increase trade relations with India, while New Delhi has started negotiations for a potential Free Trade Agreement (FTA) with Peru.
In an effort to ensure a supply of essential minerals and in response to requests for the revision of many Free Commercial Agreements (FTAs) in the Association of Southeast Asian Nations (ASEAN) Region, India is considering potential commercial alliances with both of these nations.