Economic Survey 2020: Notable turnaround in mineral production due to policy reforms

By: |
New Delhi | January 31, 2020 3:22 PM

Economic Survey 2020 India: India produces as many as 95 minerals which include 4 hydrocarbon energy minerals, including coal and lignite; 5 atomic minerals, 10 metallic, 21 non-metallic and 55 minor minerals.

budget 2020, budget 2020 india, union budget 2020 india, budget 2020-21, economic survey 2020, economic survey, nirmala sitharaman, Arvind Subramanian, narendra modi, modi government, GDP, GDP growth,Economic Survey 2020: During the first quarter coal production registered a positive growth and then took a dip when the rains set in.

Economic Survey 2020 India: India’s mineral output has witnessed a notable turnaround on account of reform measures initiated by the government, the Economic Survey said on Friday. The production of major minerals during 2018-19 has recorded a growth of 25 per cent over previous year in terms of value, it said.

“There has been a notable turnaround in mineral production because of policy reforms,” the Economic Survey 2019-20 tabled in Parliament said. India produces as many as 95 minerals which include 4 hydrocarbon energy minerals, including coal and lignite; 5 atomic minerals, 10 metallic, 21 non-metallic and 55 minor minerals.

Watch Video: What is Union Budget of India?

They provide basic raw materials to many important industries. “Mining and quarrying sector contribution (at current price) to GVA (Gross Value added) accounted for about 2.38 per cent during 2018-19 as per provisional estimates of Annual National Income 2018-19 published by NSO (National Statistical Office). Based on the overall trend, the Index of Mineral Production (base 2011-12 = 100) for the year 2018-19 is estimated to be 107.9 as compared to 104.9 of previous year,” it said.

ALSO READ | India’s GDP growth neither over-nor underestimated, says Economic Survey

Overall production of raw coal in India during the year 2018-19 was 730.4 million tonnes (MT), a growth of 8.1 per cent. “In the current year 2019-20 (April-November), all-India coal production was 410.5 MT,” the survey said.

During the first quarter coal production registered a positive growth and then took a dip when the rains set in. The gap between demand and supply of coal in the country is currently being met through coal imports by consuming sectors. As per available data (from Directorate General of Commercial Intelligence and Statistics), 126.20 MT of coal was imported during April 2019 to September 2019.

Do you know What is Finance Bill, Short Term Capital Gains Tax, Fiscal Policy in India, Section 80C of Income Tax Act 1961, Expenditure Budget? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.