The Scope Of Iron Mining Industry In India

The Scope Of Iron Mining Industry In India

Published Date: 03 January, 2024
Updated On: 07 June, 2024

India’s Natural Resources

Civilizations have evolved since the time our ancestors discovered fire. We have since then identified and utilised various natural resources to create a world of comforts. Natural resources have played a huge role in global development – as can be seen from the growth of developed nations. Developing nations, on the other hand, continue to have a higher dependence on natural resources such as coal, iron ore, natural gas, zinc, chromite, and more. Often this demand is met by importing minerals from other nations but India is lucky in this regard.  Owing to our diverse geography there is abundant availability of most natural resources and we can easily meet our industrial production needs. Most minerals are found in abundance leading to increased exports and adding to our revenue. One such mineral is iron ore, the 3rd largest mineral exported by India. Also Read: 5 sectors and industries where steel plays an important role

Table of Content

India’s Iron Ore Reserves

India’s total iron ore reserves are found to be 28.52 Billion Tons. Most iron ore reserves are located in 4 regional belts spread across India – the Odisha Jharkhand Belt, Durg Bastar Chandrapur Belt, Bellary Chitradurga Chikmagalur Tumkur belt and the Maharashtra Goa belt. Mining is predominantly carried out in these belts, leading to a large participation of iron ore miners in India

Importance of Iron Ore

Why are these vast reserves important? To understand this, we need to delve deeper into the uses of iron ore. Iron ore is predominantly used in the production of steel – a metal, which is integral to all industrial production and development projects. Currently, India is the 2nd largest producer of steel in the world with reserves standing at 111.2 million tons. Other uses of iron ore include use for medical research, paint production, and as a pigment in polishing compounds. Needless to say, the importance of iron ore is proved by large investments made by iron ore miners. 

Scope of Iron Ore Industry in India

Keeping this in mind, there are several initiatives undertaken by the Government to amplify the scope of iron ore production in India.  As per the Department for Promotion of Industry and Internal Trade (DPIIT) foreign direct investments worth $14.24 billion were made in the last 2 decades. Furthermore, an allocation of INR 39.25 crore was made by the Indian government to further mechanize mines to boost steel production. These and other measures to boost iron ore production in India have led to a 14.2% increase in iron ore production as of 2019.

The Ingredient of Development

A boost to steel production in India is directly benefiting iron ore mining. With added investments, iron ore production in India is flourishing. Increased production of iron ore not only benefits the local production of steel but also the economy. To accelerate this growth, iron ore mining and distribution is being given more stimulus. Sree Metaliks is an iron ore miner and part of this large endeavour. Sree Metaliks is one of the biggest sponge iron manufacturers in India and is carrying out quality mining to meet demands. Such endeavours are taking India to newer heights and on the road to being self-sufficient.