New Delhi, Apr 15 (PTI) 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.
India’s iron ore production in 2024-25 (April-January) rose by 3.5 per cent to 236 million metric tonnes (MMT) compared to 228 MMT in the year-ago period.
Explaining how India can surpass 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 much possible. The benefits this will bring to Bharat, in terms of economic growth, jobs and revenue, to government are massive.”
Agarwal highlighted India’s growth potential in the global iron ore market and said, “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.”
The provisional figure of iron ore production in 2023-24 was about 275 million tonnes, reflecting a 7.5 per cent increase year-on-year, according to mines ministry.
Major producers of iron ore during this period were NMDC, SAIL, Odisha Mining Corporation, and Tata Steel Ltd. Odisha was the largest producer, contributing 54 per cent to the country’s total iron ore output, followed by Karnataka with a 16 per cent share and Chhattisgarh with a 15 per cent share, it said.
India has a rich reserve of iron ore estimated to be 33 billion tonnes, which could be a key driver for the nation’s global mining ambitions, he said, adding the growth in mining is set to enable development across several states.
“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,” Agarwal said.
Vedanta Group firm Sesa Goa Iron Ore is engaged in the exploration, mining, and processing of iron ore in Goa, Karnataka and Odisha.
