NEW DELHI: India has the potential to overtake Brazil and China to become the world’s second-largest iron ore producer, Vedanta Group Chairman Anil Agarwal said on Tuesday.
During April to January of the 2024–25 fiscal year, India’s iron ore production rose by 3.5% to 236 million metric tonnes (MMT), compared to 228 MMT in the same period last year, as news agency PTI reported .
Explaining how India can climb the global ranks, Agarwal said, “Given our huge reserves, we can produce 700 million tonnes per year and become the second largest after Australia, this is very much possible. The benefits this will bring to Bharat, in terms of economic growth, jobs and revenue, to government are massive.”
Highlighting the importance of iron in everyday life and India’s position in the global market, he added, “It is difficult to imagine life without iron and steel, which is made from iron. Our homes, our vehicles, our gadgets, all require iron and steel. Today, India is the 4th largest producer of iron ore in the world…Only Australia, Brazil and China produce more.”
According to the Ministry of Mines, provisional data shows that India produced around 275 million tonnes of iron ore in 2023–24, marking a 7.5% year-on-year increase.
Major contributors to this output included NMDC, SAIL, Odisha Mining Corporation, and Tata Steel Ltd. Among states, Odisha led with a 54% share of total production, followed by Karnataka at 16% and Chhattisgarh at 15%.
Agarwal noted that India’s iron ore reserves, estimated at 33 billion tonnes, could play a vital role in fulfilling the country’s global mining aspirations. He emphasized that this sector’s growth would lead to broader economic development.
“It will also lead to rapid development of states rich in iron ore like Chhattisgarh, Jharkhand and Odisha. At present, their per capita incomes are below the India average but, with their huge potential below the ground, can easily have double the India average. Let us be visionary and think big,” he said.
Vedanta Group’s subsidiary, Sesa Goa Iron Ore, is currently engaged in the exploration, mining, and processing of iron ore in Goa, Karnataka, and Odisha
