New Delhi [India], April 15 : India has the full potential to overtake Brazil and China in iron ore production and become the world's second largest producer, said Vedanta Group Chairman Anil Agarwal.
In a social media post, Agarwal shared his thoughts on India's strong position and future in the global iron ore market.
He said, "It is difficult to imagine life without iron and steel, which is made from iron. Our homes, our vehicles, our gadgets, all require iron and steel. Today, India is the 4th largest producer of iron ore in the world, with a total output of 270 million tonnes per year. Only Australia, Brazil & China produce more."
Agarwal believes that India has the capacity to increase its iron ore production significantly.
"Given our huge reserves, we can produce 700 million tonnes per year and become the 2nd largest after Australia, this is very much possible. The benefits this will bring to Bharat in terms of economic growth, jobs and revenue to government are massive," he said.
Currently, India continues to see steady growth in its mineral output. Iron ore plays a major role in the country's mining sector. It accounts for 70 per cent of the total MCDR mineral production by value. In FY 2023-24, India's iron ore output touched 274 million metric tonnes (MMT).
As per data from the Ministry of Mines, the production momentum has continued into FY 2024-25. There has been a 4.4 per cent growth in production from 252 MMT in FY 2023-24 to 263 MMT.
India also has a large reserve of iron ore, estimated at 33 billion tonnes. This vast natural resource is expected to play a major role in helping the country achieve its global mining goals.
Agarwal also said that the mining growth will help in the development of Indian states with iron ore reserves.
"It will also lead to rapid development of states rich in iron ore like Chhattisgarh, Jharkhand and Odisha. At present, their per capita incomes are below the India average but, with their huge potential below the ground, can easily have double the India average. Let us be visionary and think big," he said.
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