India’s major industrial mineral production including iron ore, bauxite, limestone, chromium and manganese may witness a 5-8 per cent growth this year, a senior Ministry of Mines official said yesterday in Hyderabad. The volume growth will be reflected in much higher value terms in comparison to INR 40,000 crore the previous year.
"This year this will be more as due to higher international prices... Due to the auction process there would be an additional revenue of INR1.04 trillion to the state and local bodies," Union mines secretary Arun Kumar told media.
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Mining is the second largest sector in terms of livelihood in India. The country has 8 lakh sq.km of minable area, of which only one per cent is being mined now, noted Union mines minister Narendra Singh Tomar. This signifies the potential of the sector to contribute to the overall economic development of the country.
During last three years, INR1.80 trillion worth minerals were auctioned out entailing INR1.35 trillion revenues to the states.
Highlighting mining’s role in driving growth in the state, Telangana Mining & Geology Minister K T Rama Rao said, the state is expected to generate INR3,500 crore revenues from mining in 2018-2019, compared to INR3,170 crore in 2016-17 with facilitation from the government.
Telangana is endowed with rich deposits of minerals. The major minerals of the state are limestone, bauxite and mica.
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