New Delhi: Anil Agarwal, Chairman of Vedanta Group, has stated that India possesses the capability to surpass Brazil and China in iron ore production, positioning itself as the world's second-largest producer.
In a recent social media update, Agarwal expressed his confidence in India's robust standing and prospects within the global iron ore market.
He remarked, "Imagining life without iron and steel, derived from iron, is challenging. Our homes, vehicles, and gadgets all depend on these materials. Currently, India ranks as the fourth-largest iron ore producer globally, with an annual output of 270 million tonnes, trailing only Australia, Brazil, and China."
Agarwal is optimistic about India's potential to significantly boost its iron ore production.
"With our vast reserves, we can achieve a production level of 700 million tonnes per year, making us the second-largest producer after Australia. This is entirely feasible. The economic advantages for Bharat, including growth, job creation, and increased government revenue, would be substantial," he stated.
At present, India is experiencing consistent growth in its mineral output, with iron ore being a crucial component of the mining sector. It represents 70 percent of the total mineral production value under the MCDR. In the fiscal year 2023-24, India's iron ore production reached 274 million metric tonnes (MMT).
According to the Ministry of Mines, this production growth trend has continued into the fiscal year 2024-25, with a 4.4 percent increase in output, rising from 252 MMT in FY 2023-24 to 263 MMT.
India possesses significant iron ore reserves, estimated at 33 billion tonnes. This abundant resource is anticipated to be instrumental in advancing the country's objectives in the global mining sector.
Agarwal further noted that the growth of the mining industry will contribute to the development of Indian states rich in iron ore.
"This will accelerate the progress of states such as Chhattisgarh, Jharkhand, and Odisha, which currently have per capita incomes below the national average. However, given their vast underground potential, they could easily achieve incomes that are double the national average. Let us adopt a visionary approach and aim high," he stated.
