New Delhi, April 15 (PTI) India has the ability to overtake Brazil and China, which is the world’s second largest iron ore manufacturer, Vedanta Group President Anil Aggarwal said on Tuesday.
India’s iron ore production in 2024–25 (April-January) rose 3.5 percent to 236 million metric tons (MMT) in the year-old period of 228 mm.
Describing how India can cross Brazil and China in iron ore production, he said, “Given our huge reserves, we can produce 700 million tonnes per year and become the second largest after Australia, this is very possible. This benefit is on a large scale for India, in terms of economic development, jobs and revenue, in terms of economic development, jobs and revenue.”
Aggarwal highlighted India’s growth ability in the global iron ore market and said, “It is difficult to imagine life without iron and steel, which is made of iron. Our home, our vehicles, our gadgets, all need iron and steel. Today, India is the 4th largest producer of iron in the world … only Australia, Brazil and China.”
The provisional figure of iron ore production in 2023-24 was around 275 million tonnes, according to the ministry of mines, represents an increase of 7.5 percent in the year-by year.
During this period, the major producers of iron ore were NMDCs, SAIL, Odisha Mining Corporation, and Tata Steel Limited. Odisha was the largest producer, which contributed 54 percent to the country’s total iron ore production, followed by Karnataka with 16 percent stake and 15 percent to Chhattisgarh.
There is a rich reserve of iron ore in India that is estimated to be 33 billion tonnes, which can be a major driver for the country’s global mining ambitions, he said, said, determined to enable development in many states to add an increase in mining.
“It will also lead to rapid development of states rich with iron ore such as Chhattisgarh, Jharkhand and Odisha. Currently, their per capita income is below the average of India, but with their vast capacity below the ground, can easily double India’s average. Let us think we will think of visionary and big.”
Vedanta Group firm Sesa Goa is engaged in iron ore exploration, mining and processing in Iron Ore, Goa, Karnataka and Odisha.