Source- This post on the India’s Mineral import surge has been created based on the article “Mineral import surges 80%” published in “The Hindu” on 1 August 2024.
Why in the news?
India’s major mineral imports (mostly non-critical minerals) has witnessed almost 80% rise in value terms over five years. The mineral import in value terms has risen to Rs. 68,633 crore in FY24 from Rs. 38,604 crore in FY19.
Major Minerals Imported in India
The major minerals imported in India are copper-ore concentrates, phosphorite, manganese ore, limestone, iron ore, bauxite, asbestos, sulphur, magnesite, and fluorspar. These ten minerals account for 97% of mineral imports.
Data related to Imports
| Copper ore concentrate | These imports have been the highest in value terms. It constitutes nearly 40% of the total major mineral imports in FY24. It stands today at Rs. 25,951 crore in FY24, doubling from ₹12,146 crore over five years. |
| Phosphorite Imports | Phosphorite imports constitute nearly 20% of the total import in value terms. It has increased to Rs.12,649 crore in FY24 doubling from ₹5,625 crore. |
| Limestone | Limestone imports have been highest in volume at 338.09 lakh tonnes (55% of the total), followed by phosphorite at 55.98 lakh tonnes (14%). |
| Critical minerals | Critical imports, excluding lithium-ion and copper, totals Rs. 1,396.6 crore in FY24, with a volume of 82,260 tonnes. |
Read More- SC verdict on state’s power to tax mining activities
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