Surge in India’s Mineral Imports
- August 1, 2024
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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Surge in India’s Mineral Imports
Sub: Eco
Sec: External Sector
Overview:
- India has experienced a significant increase in its major mineral imports, with an almost 80% rise in value terms over the past five years, reaching ₹68,633 crore in FY24.
- However, there was a 2% year-over-year decrease from ₹70,125 crore in the previous fiscal year.
- In FY19, the value of these imports was ₹38,604 crore.
Major Minerals:
- Key Minerals Imported:
- The main minerals include copper ore concentrates, phosphorite, manganese ore, limestone, iron ore, bauxite, asbestos, sulphur, magnesite, and fluorspar.
- These ten minerals make up 97% of India’s mineral imports.
- Volume Increase:
- The volume of these major mineral imports rose by 9% over the five-year period, totaling 619.42 lakh tonnes.
Top Imported Minerals:
- Copper Ore Concentrates:
- Leading the list, copper ore concentrate imports were valued at ₹25,951 crore, constituting nearly 40% of the total mineral imports in FY24.
- This figure more than doubled from ₹12,146 crore five years ago.
- Phosphorite:
- Phosphorite imports accounted for ₹12,649 crore (approximately 20% of the total), also doubling from ₹5,625 crore five years prior.
- Other Significant Imports:
- Manganese ore: ₹7,760 crore
- Limestone: ₹6,616 crore
- Bauxite: ₹4,397 crore
- Notably, iron ore imports decreased, whereas manganese ore and bauxite shipments surged by 60-80% between FY19 and FY24.
Volume Insights:
- In volume terms, limestone imports were the highest at 338.09 lakh tonnes (55% of total imports), followed by phosphorite at 55.98 lakh tonnes (14%).
Critical Minerals:
- Apart from lithium-ion and copper, the import of 24 categories of critical minerals in FY24 was valued at ₹1,396.6 crore, with a volume of 82,260 tonnes.
Conclusion:
- The increase in India’s mineral imports highlights the country’s growing demand for these resources, which are crucial for various industries. The shift in import patterns, including the significant rise in specific minerals like copper ore concentrates and phosphorite, indicates changes in industrial needs and economic priorities.