MINERALS
: ECONOMY
NEWS:
India’s major mineral imports rise 80% over five years to
₹68,633 crore
WHAT’S
IN THE NEWS?
Major
Mineral Imports
- Value of Imports:
- FY24: ₹68,633 crore (80%
increase over five years)
- FY19: ₹38,604 crore
- Decrease YOY: 2%
from ₹70,125 crore in FY23
- Volume of Imports:
- FY24: 619.42 lakh tonnes (9%
increase over five years, 17% YOY increase)
- FY19: 570.34 lakh tonnes
Major
Minerals Imported
- Key Minerals:
Copper ore concentrates, phosphorite, manganese ore, limestone, iron ore,
bauxite, asbestos, sulphur, magnesite, fluorspar
- Contribution:
These ten minerals account for 97% of total mineral imports.
Specific
Mineral Data
- Copper Ore Concentrates:
- FY24 Value: ₹25,951 crore (40% of
total imports, doubled in five years)
- Phosphorite:
- FY24 Value: ₹12,649 crore (20% of
total imports, doubled in five years)
- Manganese Ore:
₹7,760 crore
- Limestone: ₹6,616 crore
- Bauxite: ₹4,397 crore
- Iron Ore: Imports have decreased;
manganese ore and bauxite imports increased by 60–80% between FY19 and
FY24.
Critical
Mineral Imports
- FY24 Value: ₹35,000 crore
- Volume: 82,260 tonnes
- High-Value Imports:
- Rock Phosphate:
Over ₹12,600 crore
- Nickel Ore: ₹6,557 crore
- Lithium-Bearing Minerals:
Close to ₹900 crore
- High-Volume Imports:
- Limestone: 338.09 lakh tonnes,
accounting for 55% of total mineral imports.
- Phosphorite:
55.98 lakh tonnes, accounting for 14% of total mineral imports.
Global
Reserves of Critical Minerals
- Key Countries:
Australia, Argentina, China, Chile, Canada, Congo, Mozambique, South
Africa
Significance
- Green Transition:
Critical minerals are essential for energy storage solutions and India’s
green transition efforts.
About
Critical Minerals
Critical
minerals are the minerals essential for economic growth and national
security. If these minerals aren’t available or are concentrated in a
few places, it can create vulnerabilities in supply chains.
- Identified Critical Minerals: The
Expert Committee under the Ministry of Mines has identified a set of 30
critical minerals for India.
These
are Antimony, Beryllium, Bismuth, Cobalt, Copper, Gallium, Germanium,
Graphite, Hafnium, Indium, Lithium, Molybdenum, Niobium, Nickel, PGE,
Phosphorous, Potash, REE, Rhenium, Silicon, Strontium, Tantalum, Tellurium,
Tin, Titanium, Tungsten, Vanadium, Zirconium, Selenium, and Cadmium.
Source
: https://www.thehindubusinessline.com/markets/commodities/indias-major-mineral-imports-rise-80-over-five-years-to-68633-crore/article68469686.ece