India’s major mineral imports rise 80% over five years to ₹68,633 crore

India’s major mineral imports – mostly non-critical -saw a nearly 80 per cent rise in value terms over five years to ₹68,633 crore in FY24. Imports, however, dipped 2 per cent on a y-o-y basis from ₹70,125 crore. Imports stood at ₹38,604 crore in FY19.

These major minerals include copper ore concentrates, phosphorite, manganese ore, limestone, iron ore, bauxite, asbestos, sulphur, magnesite, and fluorspar, among others.

These ten minerals account for 97 per cent of the import of mineral minerals

In volume terms, India’s imports of these ten major minerals increased 9 per cent over a five per cent period to 619.42 lakh tonnes from 570.34 lakh tonnes and 17 per cent y-o-y from 528.25 lakh tonnes.

Copper ore concentrate imports continue to be the highest, accounting for ₹25,951 crore – or nearly 40 per cent of the total import of major minerals in FY24. Imports more than doubled in five years, from ₹12,146 crore.

This was followed by phosphorite, ₹12,649 crore – or nearly 20 per cent of the total. Imports also doubled in five years from ₹5,625 crore, as per data from the Mines Ministry to the Parliament.

Manganese ore, limestone and bauxite were the other three big imports at ₹7,760 crore, ₹6,616 crore and ₹4,397 crore, respectively. Iron ore imports have, however, decreased, while manganese ore and bauxite shipments increased 60–80 per cent between FY19 and FY24.

In volume terms, limestone imports were the highest at 338.09 lakh tonnes – 55 per cent of the total, followed by phosphorite at 55.98 lakh tonnes – 14 per cent.

Critical mineral imports

Critical mineral import in 24 categories – apart from lithium-ion and copper – for FY24 was ₹35000 crore, and in volume terms was 82,260 tonnes.

These critical minerals – most of which have negligible reserves in India – include beryl and beryllium, cadmium, cobalt, gallium, glauconite, graphite, indium, lithium (bearing minerals), molybdenum, nickel ore, rock phosphate, platinum group of minerals, potash, rare earth elements, rhenium, selenium, tantalum, titanium, tin, tungsten, vanadium and zirconium.

Rock phosphate imports were the highest in value at over ₹12,600 crore, followed by nickel ore at ₹6,557 crore -odd. Lithium-bearing mineral imports were close to ₹9,00 crore. (Lithium-ion imports are reported separately.)

“Globally the reserves of Critical minerals are mainly concentrated in Australia, Argentina, China, Chile, Canada, Congo, Mozambique, South Africa etc,” Union Mines Minister G Kishan Reddy said in response to a question in the Parliament.

These critical minerals remain critical to India’s green transition, with lithium being the key element finding usage in energy storage solutions.