The FY 2016 saw 27% growth in bauxite mining in India: Ministry of Mines

<p>The Indian Mining and Machinery Exhibition organised by CII in Kolkata, India came to an end on November 19 2016. The exhibition reflected the positive growth being observed in the mining sector in India.<br /><br />Balvinder Kumar, secretary ministry of mines said on the context of the exhibition said that, the Indian mining sector is on a growth track and the sector is expected to increase the country&rsquo;s GDP by 1% in FY 17. According to the latest statistics, the country&rsquo;s mining sector grew 9% last year and this year it is expected to grow at a higher rate.<br /><br />&ldquo;We expect that mining sector will be able to expand the country&rsquo;s GDP by 1%,&rdquo; Kumar said.<br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/Nalco%20conveyor.jpg" alt="News" width="517" height="226" /><br />The mining industry contributes 2.2% to 2.5% of India&rsquo;s overall GDP and around 10% to 11%.of the GDP of the industrial sector. Mr Kumar said that during FY 2016, chromite mining grew 35 and it was followed by 27% growth in bauxite mining, while iron ore mining grew 21%. In the first seven months of this fiscal year, productions of all minerals have shown a growth trend.<br /><br />{googleAdsense}<br /><br />The mine secretary said that out of the 65 coal blocks that were auctioned, auction of 47 blocks were annulled for problems related to land acquisition, reserves and sales price. Those 47 blocks will be put to auction once again to keep the process rolling.<br /><br />He said the government has earned INR 70,000 crore by auctioning 18 blocks and INR 40,000 crore is expected to be earned from the upcoming auctions. Kumar said that 40-50 blocks might be offered for auction of which 15 blocks are from Karnataka. India holds a strong position in metal industry due to the availability of metallurgical grade bauxite and coal and the recently upgraded MMDR act is bringing about a welcoming change to the mining situation.</p>