- Mining sector is one of the core sectors of economy. It provides basic raw materials to many important industries.
- Mining sector (including fuel, atomic, major and minor minerals) contributed about 2.4% of GDP in 2014-15 as per the data released by CSO.
- The growth in the mining sector in terms of production of minerals has significantly improved in comparison to recent past. It is pertinent to recall that the sector recorded a negative growth of 0.6% for two consecutive years (2011-12 and 2012-13). The mining sector had been hit hard due to the policy paralysis. The mining activities had been stalled owing to court cases, environmental, regulatory and land acquisition issues.
- There has been a notable turn around ever since government has taken initiative for policy reforms. This turnaround is very much visible in terms of growth in Gross Value Added (GVA) in mining and quarrying sector. The sector grew by 5.4% and 2.4% in 2013-14 and 2014-15 respectively. During 2015-16, so far the sector has recorded a growth of 3.6% in comparison to similar period last year.
- The results of Index of Industrial Production for 2015-16 up to the month of Mar, 2016 indicate that during the period, mining and quarrying segment showed an increase of 2.2% in comparison to same period last year.
· - There is a noticeable surge in mineral production in India. It is heartening to note that production of major minerals during the current financial year up to March has recorded the growth of 9 % in comparison to same period last year. The real contributor to this growth story have been Bauxite ( 27 %), Chromite (33 %), Copper Conc. (30 %) , Iron ore (21 %) and Lead Conc. (32 %) in the metallic segment. This growth story is significant as international commodity market is in state of turmoil owing to weak signals coming from the Chinese economy.
- BJP led Govt has a new Mission for turning Made in India into a global name. In the coming years, Mining is expected to be a key industry to foster investments, both domestic and foreign, and thereby generating additional employment.
(Source: PIB)
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