METALS AND MINING

May 2024
For updated information, please visit www.ibef.org
Table of Contents

Executive Summary 3

Advantage India 4

Market Overview 6

Recent Trends and Strategies 20

Growth Drivers 24

Opportunities 34

Key Industry Contacts 38

Appendix 40

2
Executive summary

1. Coal production 5. Long duration mining

• India's overall coal production saw a lease
quantum jump to 893.08 MT in
• India has a vast mineral potential with mining
FY23 as compared to 728.72 MT in
leases granted for a longer duration of 50 years.
FY19 with a growth of about 22.6%.
• In May 2024, India's coal production
reached 83.91 million tonnes (MT) 5 4. Aluminium production
(Provisional), exhibiting a growth
rate of 10.15% compared to the
1 • India has the second-largest production
corresponding period of the capacity of aluminium in the world of
previous year, which stood at 76.18 about 4.2 million tonnes per annum
MT. (MTPA).
• India’s Production of coal during • The production of aluminium was 41.59
2023-24 was 997.25 MT with a lakh tons in FY24.
positive growth of 11.65%.
• Ministry of Coal aims to enhance 2 4
coal production to ambitious target
of 1.23 Billion Tonne (BT) by 2024-
25.
3. Steel production
3 • India is a global force in steel production and the
second-largest crude steel producer in the world.
2. Fourth-largest iron ore • In April 2024, the production of crude steel stood
producer at 1.838 MT and that of finished steel was 11.215
MT.
• India's iron ore production is estimated to stand • In FY23, production of crude steel at 125.32
at 257.85 MT in FY23, while it stood at 253.97 million tonnes (MT), finished steel at 121.29 MT
MT in FY22 - a sharp increase of 23% compared and consumption of finished steel at 119.17 MT
with 205.04 MT in FY21. exceeded their respective levels achieved over
• In 2022-23, exports of iron ore stood at US$ 1.75 the corresponding period of not only COVID-19
billion as compared to US$ 3.18 billion in 2021- affected last two years but also pre-COVID years
22. as well.

3
Advantage India

4
Advantage India
2. DEMAND GROWTH 3. ATTRACTIVE OPPORTUNITIES
▪ India has set the targets of achieving a total crude steel ▪ By becoming Aatmanirbhar in producing specialty steel, India will move up the
capacity of 300 million tonnes per annum steel value chain and come at par with advanced steel-making countries like Korea
(MTPA) and total crude steel demand/production of 255 and Japan.
MTPA by 2030-31. ▪ Under the PLI Scheme for Specialty Steel, 67 applications from 30 companies
▪ Being the third largest energy consuming country in the were selected that will attract committed investment of Rs. 42,500 crore (US$ 5.1
world, there is always increased demand for power and billion) with a downstream capacity addition of 26 million tonnes and employment
electricity in the country, and hence the surge in demand generation potential of 70,000.
for coal. ▪ Under the PLI Scheme for Specialty Steel, 57 MoUs with 27 companies have been
▪ Demand for steel is likely to grow by ~10% as the signed, attracting investments of US$ 3.55 billion (Rs. 29,500 crores), creating an
government’s augmented focus on infrastructural additional capacity of 25 MT and generating employment for 17,000 people by FY
development continues with increased construction of 2027-28. As of December 2023, companies have invested US$ 1.55 billion
roads, railways, airports, etc. (Rs.12,900 crores), with an expected investment of US$ 360 million (Rs. 3,000
▪ The demand of zinc is expected to double in India in the crores) in FY'24. Five units have already commenced production, and nine more
next five to 10 years on the back of huge investments in are set to begin operations in the last quarter of FY24.
infrastructure sector, including steel, International Zinc
Association.
4. POLICY SUPPORT
▪ Enactment of Mines and Minerals
1. COMPETITIVE ADVANTAGE (Development and Regulation)
▪ India holds a fair advantage in cost Amendment Act, 2021 enabled
of production and conversion costs captive mines owners (other than
in steel and alumina. atomic minerals) to sell up to 50% of
▪ As of FY22, the number of reporting their annual mineral (including coal)
mines in India were estimated at production in the open market.
1,319, of which reporting mines for
metallic minerals were estimated at 2 3 ▪ In December 2023, the Ministry of
Mines proposed capping
545 and non-metallic minerals at performance security and upfront
774. amounts for mining critical minerals
▪ India is the 2nd largest Aluminium to attract more bidders. Currently
producer, 3rd largest lime producer based on a percentage of the Value
and 4th largest iron ore producer in of Estimated Resources (VER), the
the world. 1 4 move aims to reduce barriers to
participation in auctions and expedite
the process for mining leases.

5
Market Overview

6
Evolution of the Indian mining sector

1947 1956 1972 2012 - 2014 2018 2020 onwards

▪ Mining sector ▪ Central Government ▪ Mineral Exploration ▪ Mineral Exploration • The Karnataka state • The government
received a boost promulgated Corporation Corporation government is proposing plans to monetize
post independence Industrial established to established to a new mining policy assets worth Rs.
under the impact of Policy Resolution. conduct exploration conduct exploration wherein sand will be 28,727 crore (US$
successive 5 Year ▪ The exploration of with focus on coal, with focus on coal, offered—at a nominal 3.68 billion) in the
Plans. minerals was iron ore, limestone, iron ore, limestone, rate of Rs. 100 (US$ 1.3) mining sector over
dolomite and dolomite and per ton excluding 2022-25.
intensified, and the
manganese ore. manganese ore. transportation cost—to • PLI Scheme for
Geological Survey
people to build houses for domestic production
of India was ▪ Indian mining sector ▪ Indian mining sector
less than Rs. 10 lakh of specialty steel was
strengthened. was opened to was opened up to (US$ 13,344.01). approved with an
▪ Indian Bureau of Foreign Direct FDI in 1993 after • The Ministry of Mines outlay of Rs. 6,322
Mines was Investment in 1993 announcement of notified the Mineral crore (US$ 762.4
established to look after the New Mineral Policy. Conservation and million) by the
after the scientific announcement of ▪ Ministry of Mines Development Cabinet.
development of the New Mineral notified revised (Amendment) Rules in
mineral resources. Policy. royalty rates and November 2021 to
dead rent in provide rules regarding
September 2014 conservation of minerals,
and the revised systematic and scientific
rates came into mining, development of
effect on September minerals in the country for
1, 2014. environment protection.

7
Segments of metals and mining industry

Iron and steel segment offers a product mix which includes hot rolled parallel
flange beams and columns rails, plates, coils, wire rods and continuously cast
Iron and steel
products such as billets, blooms, beam, blank, rounds and slab and metallics and
ferro alloy.

Coal Coal market consists of primary coal (anthracite, bituminous and lignite).

Aluminium segment includes primary aluminium, aluminium extrusions, aluminium

Aluminium
Metals and rolled products, alumina chemicals.
mining

BauxBPM are sub-divided into two basic types based on the processing methods -
Bauxite
Tropical bauxite and European bauxite.

Base metals Base metal market consists of lead, zinc, copper, nickel and tin.

Precious metals and Precious metals market includes gold, silver, platinum, palladium, rhodium and
minerals diamond.

8
Rising steel demand driving growth

Finished steel production and consumption (million tonnes) Crude steel production (million tonnes)

150
135 160
120
105 140
90 120
126.86

122.28

143
120.14

119.86
75

136
106.60

100

101.29

101.03
100.00

144.043
94.66
60

93.43
92.16

97.5
76.994

90.7
84.0
81.5

80

126.26
45

110.92

108.50
103.13

103.00

120
30

97.95
60

89.79
88.98
15
0 40
20

FY23
FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY24
0
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
Production Consumption
▪ India is a global force in steel production and the second-largest crude steel producer in the world.
▪ In FY23, the cumulative production of crude steel stood at 126.26 MT, finished steel stood at 122.28 MT, and consumption of finished steel stood at
119.86 MT. During April 2024, crude steel stood at 11.919 MT, finished steel stood production at 11.215 MT and consumption at 11.076 MT.
▪ Production of steel in India could go up to 500 million tonnes by 2050, nearly four times the current output, as New Delhi seeks to undergird its
evident growth ambitions with rapid capacity expansion for the primary infrastructure alloy, a senior executive at mining major BHP said.
▪ The Indian government’s approved National Steel Policy (NSP) 2017 envisages 300 million tonnes (MT) steel-making capacity and 160 kgs per
capita steel consumption by 2030-31.
▪ In August 2022, Tata Steel signed a MoU with the Government of Punjab for setting up a 0.75 MnTPA long products steel plant with a scrap-based
electric arc furnace.
▪ SAIL supplied about 30,000 tons of specialty steel for the nation’s first indigenously built Aircraft Carrier INS Vikrant for the Indian Navy which was
commissioned on September 2, 2022, at Cochin Shipyard Ltd.
▪ In November 2022, IIT Bombay and JSW Group entered into an exclusive strategic agreement to establish a first-of-its-kind, state-of-the-art JSW
Technology Hub in India for steel manufacturing in India.
Notes: CAGR - Compound Annual Growth Rate, MT - Million Tonnes
Source: World Steel Association, News Articles

9
Rising domestic demand puts pressure on supply of iron and
steel… (1/2)

India’s export of iron and steel (US$ billion)

^CAGR 9.99%
▪ In FY23, exports of finished steel stood at 6.72 MT.

▪ During April FY24, export of finished steel stood at 0.506 MT, 25

decrease of 41% from same period last year.

22.91
• In 2022-23, exports of iron ore stood at US$ 1.75 billion as
compared to US$ 3.18 billion in 2021-22. 20

▪ In November 2022, the government has withdrawn the export

duty on steel products, iron ore lumps and fines (less than 58%
15
iron content) and iron pellets, while the export duty of iron ore
lumps and fines (more than 58% iron content) has been

13.40
reduced from 50% to 30%. The reversal of the export duty hike

12.12
11.24
is expected to boost the Indian exports of steel products in the 10

10.70
9.74

9.28
near to medium term.

8.68
▪ Demand for steel is expected to grow by around 10% through
5

5.49
2022 amid the government's continued focus on the
construction of roads, railways, ports and airports.

0
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24

Notes: CAGR - Compound Annual Growth Rate, ^CAGR is up to FY23, *Until December 2023
Source: Ministry of Commerce, DGCIS - Directorate General of Commercial Intelligence and Statistics, Engineering Exports Promotion Council

10
Strong growth in India’s metals & mining sector over the years

GVA from mining at Constant Prices (US$ billion) Mineral production in India (US$ billion)

20.00
18.00
42.0
16.00
41.0 14.00 17.41
41.0 14.23
40.0 12.00
39.0 10.00
10.20 10.68
8.00 9.70
38.0
37.9 6.00
37.0
37.2 4.00
36.0 2.00
35.0 0.00
FY22 (2nd RE) FY23 (1st RE) FY24 (SAE) FY19 FY20 FY21 FY22P FY23P

▪ GVA from mining and quarrying stood at US$ 37.9 billion in FY23, as per the first revised estimates.
▪ In FY23, mineral production is estimated at Rs.118,246 crore (US$ 14.37 billion).
▪ Production level of important minerals in February 2024 were Coal 966 lakh tonne, Lignite 42 lakh tonne, Natural gas (utilized) 2886 million cu.m.,
Petroleum (crude) 23 lakh tonne, Bauxite 2414 thousand tonne, Chromite 400 thousand tonne, Copper conc. 11 thousand tonne , Gold 255 kg,
Iron ore 244 lakh tonne, Lead conc. 27 thousand tonne, Manganese ore 295 thousand tonne, Zinc conc. 149 thousand tonne, Limestone 387 lakh
tonne, Phosphorite 218 thousand tonne, and Magnesite 10 thousand tonne.
▪ Important minerals showing positive growth during February 2024 over February 2023 include Gold (86%), Copper Conc.(28.7%), Bauxite (21%),
Chromite (21%), Phosphorite (19%), Limestone(13%), Coal (12%), Natural gas (U) (11%), Petroleum(crude) (8%), Manganese Ore (6%),
Magnesite (3%), Lignite(2.8%), and Zinc Conc.(2.8%). Other important minerals showing negative growth include Iron Ore (-0.7%) and Lead
Conc.(-14%).
▪ The index of mineral production of the mining and quarrying sector for the month of February 2024 at 139.6, was 8% higher compared to the level
in the month of February 2023.

Notes: CAGR - Compound Annual Growth Rate, ^Excluding atomic and fuel minerals, GVA - Gross Value Added, P- Provisional, RE- Revised Estimate, SAE- Second Advance Estimate
Source: Ministry of Statistics and Programme Implementation, Ministry of Mines

11
Composition of India’s metals and mining sector

Production of metallic and non-metallic minerals (US$ billion) Share of states in mineral production FY22

18.00 Odisha
16.00
4% Chhattisgarh

16.02
14.00
12.00 13% Rajasthan

12.76
10.00 Karnataka

9.47
8.00 Jharkhand
8.96
8.42

6.00 44%
6.96

1.47
1.39
1.28

1.25

1.21
1.16

4.00 14%
2.00
0.00
FY18

FY19

FY20

FY21

FY22P

FY23P
17%

Metallic Minerals Non-Metallic Minerals

▪ India is home to 1,319 reporting mines. Production of as many as 95 minerals is undertaken in India, including 4 fuel minerals, 10 metallic
minerals, 23 non-metallic minerals, 3 atomic minerals and 55 minor minerals (including building and other materials).

▪ The country has large reserves of iron ore, bauxite, chromium, manganese ore, baryte, rare earth and mineral salts.

▪ Odisha was the leading producer of minerals with 44% market share, followed by Chhattisgarh at 17% and Rajasthan at 14%.

▪ Production of metallic minerals in the country increased from US$ 6.96 billion in FY18 to US$ 12.76 billion in FY23P. In the same period,
production of non-metallic minerals increased from US$ 1.16 billion in FY18 to US$ 1.47 billion in FY23P.

Notes: MMT- Million Metric Tonnes, E-Estimate, ^ - excluding fuel and atomic minerals, P- Provisional, E- Estimate
Source: Ministry of Mines

12
Iron ore production

▪ Iron ore is a key input for production of steel and primary iron.
Iron ore production (million tonnes)
▪ India's iron ore production stood at 257.85 MT in FY23P, an increase
of 1.52% compared with 253.97 MT in FY22P. 300

▪ Majority (over 85%) of iron ore reserves are of medium- to high-grade

and are directly used in blast furnace and direct reduced iron (DRI) 250

plants in the form of sized lumps or sinters or pellets.

▪ In 2022-23, exports of iron ore stood at US$ 1.75 billion as compared 200
to US$ 3.18 billion in 2021-22.

▪ The index of mineral production of the mining and quarrying sector for 150

258
254
244
the month of December 2023 at 139.4, was 5.1% higher compared to

206

205
201
the level in the month of December 2022.

195
100

158
▪ Government has taken various steps to increase production and

129
availability of iron ore, which inter-alia include Mining and Mineral 50

Policy reforms to ensure enhanced production, early auction &

operationalization of expired mines, ease of doing business, 0
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22P FY23P
seamless transfer of all valid rights & approvals, incentivizing for
starting of mining operation & dispatch, transfer of mining leases,
allowing captive mines to sell upto 50% of the minerals produced,
enhancing exploration activities, etc.

Notes: P- Provisional
Source: Business Standard, Ministry of Mines (Annual Report)

13
Rising domestic demand puts pressure on supply of iron and
steel… (2/2)

▪ Iron and steel imports stood at US$ 1.83 billion in December 2023
India’s import of iron and steel (US$ billion)
▪ Imports of steel increased by 5.25% to 18.65 million tonnes in FY24
from 17.12 million tonnes in FY23.
^CAGR 7.49%
▪ The domestic steel demand growth will be healthy at 7-8% in FY2024-
25, driven by moderate government spending during the election
period.

▪ In FY23, production of crude steel at 125.32 million tonnes (MT),

12.61
finished steel at 121.29 MT and consumption of finished steel at
119.17 MT exceeded their respective levels achieved over the

18.65
17.72
corresponding period of not only COVID affected last two years but
also pre-COVID years as well.

▪ In October 2022, Welspun Metallics Limited forayed into Steel

12.57
manufacturing as a part of the company’s overall business growth and

11.25
diversification strategy by launching a state-of-the-art Greenfield

10.73
10.43
manufacturing facility in Anjar, Gujarat.

8.28
8.24
▪ In February 2023, JSW Group announced to build a steel plant in
Andhra Pradesh's YSR Kadapa district with an investment of Rs.
8,800 crore (US$ 1 billion).

FY16 FY17 FY 18 FY19 FY20 FY21 FY22 FY23 FY24

Notes: CAGR - Compound Annual Growth Rate, ^CAGR is up to FY23, *Until December 2023
Source: Ministry of Commerce, DGCIS - Directorate General of Commercial Intelligence and Statistics

14
Coal production growing at a steady pace

▪ India's overall coal production has seen a quantum jump to 893.08 MT in

FY23 as compared to 728.72 MT in FY19 with a growth of about 22.6%. Coal production (million tonnes)
▪ In FY24, the coal production stood at 997.25 MT, registering a growth of
12% from last year. ^CAGR 5.2%
▪ The power sector continued to be the largest consumer of domestic coal,
1200.0
accounting for the total dispatches of 678..54 MT during FY24 (April-March),
an increase of 5.97% y-o-y.
▪ Coal production from captive/other mines increased by 25% y-o-y in FY24 1000.0
(April- March) and contributed 15.40% to the total coal production.

893.08
▪ By the end of this fiscal year, Coal production is estimated to reach 1,111
800.0
MT and domestic demand is estimated at 1290 MT.

777.31
729.10
728.72

719.95
▪ Steady growth in captive coal production was led by the government’s

997.25
600.0
support and allowing the sale of up to 50% of the annual production from
existing operational captive coal mines in the open market.
▪ Overall coal imports during April-March 2024 increase by 7.7% to 268.24 400.0

MT in FY 24, over 249.06 MT in FY23.

▪ To reduce dependence on imported coal over the medium-long term, the 200.0
Government has taken various initiatives including auctioning of coal blocks
for commercial mining, FDI under the automatic route, expansion of existing
0.0
mines, the opening of new mines under CIL and development of evacuation FY19 FY20 FY21 FY22 FY23 FY24

infrastructure.

Notes: CAGR - Compound Annual Growth Rate

Source: Ministry of Coal, News Articles

15
India’s role in global Aluminium production

▪ The world production during April-March 2024, was 71.191 million India’s share in global aluminium production (2023E)
tons against world consumption of 70.952 million tons, resulting in a
market surplus of 0.239 million tons.

▪ The US Geological Survey noted that world aluminium output

1.08%
1.05% 13.05%
increased slightly in 2023, coming in at 70 million metric tons (MMT)
compared to 68.4 million MMT the previous year. 2.30%
1.87%
▪ The share of India in the world production was 5.8% during April- 2.16%
March 2024. 3.88%

4.31%
▪ The per capita consumption of Aluminium in India is about 3.1 kg, 58.94%
5.46%
compared to the world average of about 12 kg and China’s 31.7 kg.
5.89%
▪ India is ranked fourth in the world in terms of bauxite reserves and
has high-quality metallurgical grade bauxite deposits with close to 4
billion ton reserves.
China India
▪ India will be the "stand-out growth market" for aluminium Russia Canada
United Arab Emirates Australia
consumption in the coming years as it pursues construction projects
Norway Bahrain
to resolve an infrastructure deficit, which sees usage more than Iceland United States
Other countries
tripling to 9.5 million tonnes by 2030 from 2.6 million tons in 2021.

Note: ICRA - Information Credit Rating Agency Ltd.

Source: World Bureau of Metal Statistics (WBMS), Aluminium Association of India, Economist Intelligence Unit (EIU), ICRA Management Consulting Services Ltd (IMaCS)

16
Growing domestic demand to support Aluminium production

▪ Aluminium is a critical for all the key sectors that will aid in India Aluminium production (million tonnes)
becoming a US$ 5 trillion economy.
▪ ICRA has estimated the domestic aluminium demand growth to
^CAGR 5.30%
remain healthy at around 9% in the next two fiscal years, given the 4.50
Government’s thrust on infrastructure development.
▪ Increasing infrastructural development and automotive production are 4.00

4.16
4.03
the key factors driving the market growth.

3.69
3.50

3.62
▪ The production of aluminium stood at 4.159 lakh tonnes in FY24.

3.61

3.50
3.40
▪ In January 2022, NALCO produced 40,694 metric tonnes of 3.00
Aluminium and sold 41,488 metric tonnes of Aluminium metal.

2.90
• India’s aluminium exports were reported at US$ 5.3 billion during 2.50
April-December FY24.

2.44
▪ In 2021, an Indian state committee recommended the expansion of 2.00
Vedanta Ltd.'s Lanjigarh Alumina refinery from 1 million tons to 6
million tonnes, an investment that would cost the company Rs. 64.83 1.50
billion (US$ 993 million).
▪ In July 2022, Hindalco Industries Limited signed an MoU with 1.00
Phinergy and IOC Phinergy Private Limited (IOP) on R&D and pilot
production of aluminium plates for Aluminium-Air batteries, and 0.50
recycling of aluminium, after usage in these batteries.
0.00

FY16

FY17

FY18

FY21

FY22

FY23

FY24
FY19

FY20
Note: CAGR - Compound Annual Growth Rate, F- Forecast, ^CAGR is till FY23
Source: CARE Ratings, Ministry of Mines, DGCIS, News Articles

17
Stronger economic growth to support Aluminium consumption

▪ Extensive growth in electric vehicles, renewables, modern Visakhapatnam

Aluminium consumption
port traffic(million
(milliontonnes)
tonnes)
infrastructure, energy-efficient consumer goods and greater
dependence on strategic sectors such as aerospace defence, will *CAGR 19.58%
6.00
drive Aluminium consumption to grow at a CAGR of more than 10%.

▪ The global Aluminium consumption has been driven majorly by India

5.30
5.00
and China having a growth rate of approximately 10% till pre-COVID
times.
4.00
▪ Last decade has seen India's consumption almost double from 2.2
million tons in FY11 to about 4 million tonnes in FY19.

3.40
3.00

3.21
3.00
▪ India's Aluminium demand is estimated to double again by the year
2025 with the current resilient GDP growth rate driven by increasing
2.00

1.99
urbanization and push for boosting domestic infrastructure,
automotive, aviation, defence, and power sectors.
1.00
▪ Aluminium consumption is expected to reach 7.2 million tons in the
next five years.
0.00

FY18

FY19
FY16

FY17

FY21F
▪ Aluminium demand in India is expected to jump to 9 million metric
tons by 2033 from about 4.5 million in 2023.

Note: CAGR - Compound Annual Growth Rate, F - Forecast, *CAGR is till FY19
Source: Care Ratings, Indian Bureau of Mines

18
Major metals and mining players in the country

Segment Major player Market share Other players

Iron and Steel NA Sesa Goa, SAIL, Orissa Minerals

Singareni Collieries Company, Reliance Natural

Coal 80%
Resources

National Aluminium Company (NALCO),

Aluminium 60%
Bharat Aluminium Company (BALCO)

19
Recent Trends and Strategies

20
Notable trends in the metals and mining sector… (1/3)

1
Captive mining for coal
▪ Steady growth in captive coal production was led by the government’s support and allowing the sale of up to 50% of the annual production
from existing operational captive coal mines in the open market.

2
Longer duration lease
▪ India has seen a significant growth in minerals with the Government granting lease for longer duration, between 20-30 years.

3
Focus on domestic market
▪ The Ministry of Coal signed agreements with six winning bidders for coal mines in the 7th round of auctions, marking the successful
auctioning of 91 coal mines since the inception of Commercial Coal Mining in 2020. Among these, four mines have undergone partial
exploration, while the other two are fully explored.
▪ As per data from the Ministry of Statistics and Programme Implementation (MOSPI), India's mining GDP increased from Rs. 76,877 crore
(US$ 9.25 billion) in the third quarter of FY23 to Rs. 82,680 crore (US$ 9.95 billion) in the third quarter of FY24.
▪ In February 2023, JSW Group announced to build a steel plant in Andhra Pradesh's YSR Kadapa district with an investment of Rs. 8,800
crore (US$ 1 billion).
▪ In 2021, an Indian state committee recommended the expansion of Vedanta Ltd.'s Lanjigarh Alumina refinery from 1 million tonnes to 6
million tons, an investment that would cost the company Rs. 64.83 billion (US$ 993 million).
▪ India stands as 2nd largest in Aluminium producer, 3rd largest in lime production and 4th largest iron ore producer in the world.

21
Notable trends in the metals and mining sector… (2/3)

4
Overseas ventures
▪ Three Indian state-run companies, National Aluminium Co Ltd, Hindustan Copper Ltd and Mineral Exploration Corp formed a joint venture
to buy mining assets overseas that have minerals such as lithium and cobalt, which are used in the manufacture of batteries for electric
vehicles.

5
Outlook of metal and mining
▪ The index of mineral production of the mining and quarrying sector for the month of December 2023 stood at 139.4, 5.1% higher
compared to the level in the month of December 2022.

6
Build strategic alliances
▪ In February 2023, Tata Steel and Central Building Research Institute (CBRI), a constituent of the Council of Scientific and Industrial
Research (CSIR), signed an MoU to collaborate on research, academic growth, and sustainable solutions in mining.
▪ In February 2023, ArcelorMittal - Nippon Steel is investing Rs. 60,000 crore (US$ 7.3 billion) to expand its steelmaking capacity in Hazira
to 15MT a year from 9MT.
▪ In February 2023, NMDC signed an agreement for collaborative research with CSIR-IMMT, Bhubaneswar on “Feasibility Studies for
Preparation of Fused Magnesia from Kimberlite Tailings” at its Head Office in Hyderabad.
▪ In November 2022, IIT Bombay and JSW Group entered into an exclusive strategic agreement to establish first-of-its-kind, state-of-the-
art JSW Technology Hub in India for steel manufacturing in India.
▪ In August 2022, Tata Steel signed a MoU with the Government of Punjab for setting up a 0.75 MnTPA long products steel plant with a
scrap-based electric arc furnace.
▪ In July 2022, Hindalco Industries Limited has signed an MoU with Phinergy and IOC Phinergy Private Limited (IOP) on R&D and pilot
production of aluminium plates for Aluminium-Air batteries, and recycling of aluminium, after usage in these batteries.
▪ In October 2022, Coal India Limited (CIL) signed a MoU with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL), for setting up
1,190 MW solar power project.

22
Notable trends in the metals and mining sector… (3/3)
7
International Collaboration
▪ Innovative mineral exploration activities using state-of-the-art technology by Geological Survey of India (GSI), stepped up efforts by Khanij
Bidesh India Limited (KABIL) to source strategic minerals from countries like Australia, Argentina and Chile.
▪ In January 2024, India and Argentina signed an agreement to undertake the exploration and development of five lithium blocks, enhancing
India's efforts in sourcing lithium. KABIL has obtained exploration and exclusivity right for these five blocks.
▪ In February 2024, An MoU has been signed between India and the Republic of Cote d'lvoire, for collaboration in field of Geology and
Mineral Resources.

8
Focus on technology
▪ By accelerating digital transformation, metals and mining players can boost throughput, simplify processes, lower costs, improve metal
recovery and yield, and reduce supply chain complexity.
▪ India should focus on making investments in cutting-edge mine planning technology and software to map out the ecological impacts of
mining and extraction operations.
▪ Focusing on cutting-edge exploratory technologies will provide miners with a competitive edge, and the transformation will multiply with
the size of the economy.
▪ In order to address the sector’s negative social and environmental ripple effects and achieve unnoticeable societal and ecological
harmony, sustainability in the sector will drive additional technological innovation and development.
▪ Automation and digitization, among other technological breakthroughs, have had a profound impact on the mining industry globally, and
India needs to adapt those in order to improve its global positioning in the sector.
▪ A new Sub-sector ‘Production of Syn-Gas leading to coal gasification’ has been created in 2022 under the NRS linkage auctions in order
to encourage coal gasification technology so that new consumers requiring coal for gasification are incentivized.

23
Notable trends in the metals and mining sector… (3/3)

9
Cost optimisation
▪ Players in the industry are trying to minimise cost to gain competitive advantage.
• For example, SAIL is trying to reduce cost by entering into an MoU for coal bed methane and propane gas to reduce cost of energy.
▪ Optimising input resources, operating efficiency for handling assets available with the company, reducing overhead costs and stabilising
newly formed operation units.

24
Growth Drivers

25
Strong fundamentals and policy support aiding growth

Higher demand for Increasing

Policy support Innovation
metals investment

Expanding research
Growing
and development
infrastructure Relaxed FDI norms Increasing FDI
and distribution
investment
facilities in India

Sustained growth in
Allowing private Use of modern Increasing private
India’s automotive
ownership technology participation
sector Inviting Driving Resulting

Aluminium and coal

Reduced customs Providing support to
benefiting from
global projects from
rising power duty
India
production

Rising production of
Tax and other
cement increasing
incentives
demand for coal

Notes: MandA - Mergers and Acquisitions, FDI - Foreign Direct Investment

Source: : TechSci Research

26
A fast-expanding construction sector has aided growth... (1/2)

▪ India is witnessing sustained growth in the infrastructure build-up.

▪ In FY24 (until April 2024), the combined index of eight core industries
Production Growth of Key Core Industries (% YoY) between
stood at 157.8 driven by the production of coal, refinery products, April–March 2023-24
fertilizers, steel, electricity and cement industries. 0 12.4% 11.8%
▪ The total length of National Highways was 91,287 km in 2013-14, 0 9.0%
7.1%
which increased to 146,145 km in 2023-24 (up to November 2023), 6.1%
which is a rise of more than 60% during this period. 0
▪ The pace of construction had improved from 12.1 km a day in FY15 to 0
28.3 km in FY23. Natural Gas Steel Cement Electricity Coal
▪ The official stated that In freight loading, in the financial year 2023-24
1,591 MT were loaded compared to 1,512 MT in 2022-23, marking a
5% increase. Growth in infrastructure-related activities in FY23 (in %)
16
▪ Revenue growth has been strong over the years. Indian Railways’ 15
14
earnings from freight loadings reached Rs. 14,931.89 crore (US$ 1.79 12
billion) in February 2024. 10 8.89 8.80
8
▪ During April-March 2023-24 cargo handled at Major Ports increased
6
by 4.38% as compared to April-March 2022-23. During April-March 4
2023-24 total cargo handled had increased to 817.98 million tonnes 2
(MMT) from 783.62 MMT handled during April-March 2022-23. 0
-2 -1.20
▪ As of April 2024, India’s total installed power capacity stood at 442.87 -4

Rail freight

major ports
GW.

Electricity Generation

National Highway

Cargo at
earning
Construction
▪ It has been estimated that India is going to require US$ 4.5 trillion of
investment by 2040 for infrastructure development.
▪ In Interim Budget 2024-25, capital investment outlay for infrastructure
is being increased by 11.1% to Rs. 11.1 lakh crore (US$ 133.72
billion), which would be 3.4% of GDP.

Note: F - Forecasts (by BMI), CAGR - Compounded Annual Growth Rate, BU- Billion Unit
Source: Business Monitor International‘s (BMI) Report on infrastructure industry in India

27
A fast-expanding construction sector has aided growth... (2/2)

Annual Growth Rates of IIP (%) for construction

0.12
▪ The construction sector’s Gross Value Added (GVA) at current
prices was estimated at US$ 262.2 billion (Rs. 21,78,693 crore) for
FY23 and US$ 288.5 billion (Rs. 23,97,798 crore) for FY24 as per 11.0%
0.10
the Second Advance Estimates of National Income 2023-24.

▪ India's FDI steady at US$ 70.9 billion in FY24, inflows more than
doubled in the construction sector. 0.08

▪ The construction market size in India was $825.6 billion in 2023 and
will achieve an AAGR of more than 5% during 2025-2028. The
0.06
growth of the market is attributed to investment in the construction of
hotels, industrial, green energy, and transport infrastructure projects.

▪ The share of building and infrastructure construction in overall steel 0.04

consumption is 60-65% today. 4.1%

▪ Mandatory road crash barriers on national highways, rising

0.02
concretization, use of pre-engineered buildings, design changes in
urban housing (underground parking and bigger span) – all augur
well for steel demand in the long term.
0.00
December 2022 December 2023

Note: PE - Provisional Estimated, YoY - Year on Year

Source: Business Monitor International‘s (BMI) Report on infrastructure industry in India

28
Power fuelling demand

▪ As of March 2024, India’s total installed electricity generation

capacity stood at 441.95 GW. Installed
Visakhapatnam
electricity
port
generation
traffic (million
capacity
tonnes)
(GW)

▪ India's power generation witnessed its highest growth rate in over 30

CAGR 5.5%
years in FY23. Power generation in India increased by 8.89% to
500
1,624.46 billion kilowatt-hours (kWh) in FY23.

▪ India’s installed renewable energy capacity has increased 249% in 450

over 9 years till FY23 and stood at more than 125.16 Giga Watts

429.96
(excluding large Hydro power). 400

416.00
399.49
▪ Till April 2024, the installed solar energy capacity is 18.66% of total

382.15
370.11
350

356.10
installed capacity and stood at 82.64 GW.

344.00
326.84
▪ India's power consumption grew by 8.47% on y-o-y basis to 1622.6 300
billion units (BU) during FY23-24.

280.33
250
▪ The electricity generation target of Conventional Sources for the year
2021-22 was fixed at 1,356 BU i.e., a growth of around 9.83% over 200
the actual conventional generation of 1,234.60 BU for the previous
year (2020-21). 150

▪ As of January 2024, India has a total thermal installed capacity of

100
240.43 GW of which 86% of the thermal power is obtained from coal
and the rest from Lignite, Diesel, and Gas. 50
▪ Share of non-fossil fuel-based generation capacity in the total
installed capacity of the Country is likely to increase from 42% as of 0

FY20
FY16

FY17

FY18

FY19

FY21

FY22

FY23

FY24*
October 2022 to more than 64% by 2029-30.

Note: * - Till October 2023

Source: Ministry of Power, Central Electricity Authority (CEA),

29
Favourable policies are supporting the sector growth
1. Mines and Minerals Development 7. Bank Loans
& Regulation Act 2021 • State Bank of India (SBI) is planning to
• For increasing mineral production and introduce a policy to lend loans to the
time bound operationalization of mines, coal miners before the landmark auction.
• As per the planned policy, SBI is open to
increasing employment and investment in
the mining sector, maintaining continuity 1 7 provide some of the financing required to
in mining operations after change of put 41 coal mines with a combined
lessee, increasing the pace of exploration annual production capacity of 225 million
and auction of mineral resources and tonnes to private companies.
resolving long pending issues that have
slowed the growth of the sector.
6
2. National Mineral 2 6. Skill Development
Plan for the Mining
Policy 2019
Sector (2016-22)
• To bring more transparency, better
regulation and enforcement, balanced
5 • Focus on upgradation of skill sets to
socio-economic growth along with
sustainable mining practices.
3 foster adaptation of new state of art
technology.
• Proposed to grant ‘industry’ status to
mining with an objective of boosting
4 • Increase the capacity and quality of
training infrastructure and trainers
financing of private sector. to address human resource needs.
• Supported M&A of mining players.

3. Relaxed FDI norms 5. Reduced custom duty

4. Allowing
• FDI up to 100% is allowed in exploration,
mining, minerals processing metallurgy and private ownership • Government of India significantly
exploration of metal and non-metal ores under reduced the duty payable on finished
• Government of India is encouraging steel products and has streamlined the
the automatic route for all non-fuel and non-
private ownership for steel operations associated approval process.
atomic minerals including diamonds and
and other high priority industry. .
precious stones.
.

30
MMDR Act

1. Relaxation on 2. Process of revenue

duties collection and usage
▪ In November 2022, the
▪ The Union Cabinet approved the
government removed export
amendment to the Mines and Minerals
duties on steel and stainless steel
(Development and Regulation) Act,1957

1
to strengthen the nation's steel
specifying royalty rates for 12 critical
sector, and allow it to firmly
minerals, thus completing the
establish its position in the global
rationalization process for all 24 strategic
market.
minerals. This move aims to streamline
▪ The Basic Customs Duty (BCD)
the mining sector and auction processes,
on
aligning with recent amendments to the
• ships imported for breaking up
MMDR Act.
is being reduced from 5% to
2.5%. ▪ District Mineral Foundation (DMF) has

3
• coal-tar pitch is being reduced been established in 622 districts of 23
from 10% to 5%.
• battery waste and battery scrap
is being reduced from 10% to
2 States and a total of Rs. 71,128.71 Crore
(US$ 8.5 billion) has been collected till
October 2022 under DMF.
5%. ▪ To implement projects under PMKKKY, by
• steel grade limestone and steel utilizing the funds under DMF, Rs.
grade dolomite is being 64,185.76 Crore (US$ 7.7 billion) have
reduced from 5% to 2.5%. been allocated for various projects
and Rs. 37,923.18 Crore (US$ 4.6 billion)
has been utilized.
▪ Total of 253,747 projects have been
3. General restrictions sanctioned
and
under the
135,912 projects have been
scheme

and concessions completed till October 2022 benefitting a

large number of people in different States.
▪ To ensure ease of doing business,restriction on transfer of mineral concessions are
removed and now mineral concession can be transferred without any transfer
charge.

31
Mineral auction rules, 2015

1. Auction
modalities 2. Net worth
▪ In order to facilitate the auction of
large area blocks, global positioning requirements
system has been allowed for
identification and demarcation of the ▪ For annual average production up to

1
area where a composite licence is • Rs 2 crore (US$ 311,090) - net worth
proposed to be granted through required: Rs. 50 lakh (US$ 77,773).
auction. Further, the requirement of • Rs 20 crore (US$ 3.11 million) - net
classification of area to be auctioned, worth required: Rs. 10 crore (US$
for composite licence, into forests 1.56 million).
land, land owned by the State • Small bidders can include value of
Government, and land not owned by unencumbered immovable property
the State Government has been in net worth.
removed.
▪ In 2022, 90 mineral blocks have been
successfully auctioned in the country.
Of these, 51 mineral blocks were
auctioned for Mining Lease (ML) and
3 2
the remaining 39 were auctioned as
Composite Licences (CL).
▪ In December 2023, the Ministry of
Mines proposed capping performance
security and upfront amounts for
mining critical minerals to attract more
bidders. Currently based on a
percentage of the Value of Estimated
3. Mining lease
Resources (VER), the move aims to ▪ Mining auctions conducted under the ambit of state Government.
reduce barriers to participation in ▪ Types of lease granted:
auctions and expedite the process for • Mining lease - where evidence of mineral contents is established.
mining leases. • Composite lease - combination of a prospecting licence and a
mining lease.

32
Foreign investments flowing in India

▪ FDI up to 100% is allowed in exploration, mining, minerals FDI equity inflow in the sector from April 2000-March 2024 (US$
processing metallurgy and exploration of metal and non-metal ores million)
under the automatic route for all non-fuel and non-atomic minerals
including diamonds and precious stones. 27.73

▪ Between April 2000-March 2024, FDI inflows in the metallurgical 1,270.63

Metallurgical
industry stood at US$ 17.51 billion, followed by the mining (US$ 3.50 Industries
billion), diamond & gold ornaments (US$ 1.27 billion), and coal
production (US$ 27.73 million) industries.
3,502.47
▪ The metals and mining sector received the third highest inflows from
Mining
foreign investors in FY23.

▪ In January 2023, Vedanta announced that its board had approved

the sale of its international zinc assets in South Africa and Namibia to
subsidiary Hindustan Zinc (HZL) for US$ 2.98 billion.
Diamond, Gold
▪ In March 2022, an MOU with a detailed collaborative framework was Ornaments
signed between KABIL, India and Critical Mineral Office (CMO),
17,519.80
Department of Industry, Science and Resources (DISER), Govt. of
Australia for carrying out joint due diligence and further joint
Coal Production
investment in Li & Co mineral assets of Australia.

▪ In February 2023, Essar Capital Limited, investment manager of

Essar Global Fund Limited, announced to set up steel plants in
Odisha and a facility to import liquefied natural gas (LNG) at Hazira
in Gujarat.

Source: Department of Industrial Policy and Promotion

33
Merger and acquisitions

M&A activities

Acquirer Target Acquisition price (US$ billion)

JSW Steel Ltd. Bhushan Power and Steel (BPSL) 2.69

ArcelorMittal Essar Steel 6.01

Tata Steel Bhushan Steel 7.04

Mr. Anil Agarwal Anglo American (Partial stake purchased) 2.0

JSW Energy Ltd. Jindal Steel and Power Ltd. 0.97

Reiterated its interest to acquire majority stake in Neelachal Ispat
SAIL -
Nigam Ltd (NINL) in Jajpur, Odisha

Joint Venture between Vedanta Merger of Sterlite Industries (Indian subsidiary of Vedanta
3.90
Resources and Sesa Goa Resources ) and Sesa Goa

GVK Power and Infrastructure Ltd. Hancock Coal-Queensland Coal 1.26

Sesa Goa Ltd. Cairn India Ltd. 1.18

JFE Steel Corp. JSW Steel Ltd. 1.03

Lanco Resources Australia Griffin Coal Mining Co Pty Ltd. 0.72

Vedanta Cairn India 1.56

Oil and Natural Gas Corporation

Gujarat State Petroleum - KG Basin 1.20
(ONGC)

Tata Steel Ltd. Brahmani River Pellets Ltd. 0.13

Source: Thomson Banker, Deal Tracker

34
Opportunities

35
Opportunities (1/2)

1
Government initiatives
▪ The Union Cabinet approved the amendment to the Mines and Minerals (Development and Regulation) Act,1957 specifying royalty rates
for 12 critical minerals, thus completing the rationalization process for all 24 strategic minerals. This move aims to streamline the mining
sector and auction processes, aligning with recent amendments to the MMDR Amendment Act, 2023.
▪ The Union Cabinet approved the amendment of the Second Schedule of the Mines and Minerals (Development and Regulation) Act, 1957,
specifying royalty rates for three critical minerals: Lithium, Niobium, and Rare Earth Elements (REEs) paving the way for the auctioning of
blocks for these minerals, as outlined in the MMDR Amendment Act, 2023.
▪ On August 3, 2023, the Rajya Sabha passed the Offshore Areas Mineral (Development and Regulation) Amendment Bill, 2023 which
seeks to make amendments to the Offshore Areas Mineral (Development and Regulation) Act, 2002 (‘OAMDR Act’). The Bill was passed
by Lok Sabha on August 1, 2023.
▪ In July 2023, the Union Cabinet approved amendments to the Mines and Minerals (Development and Regulation) Act-1957 to allow the
mining of lithium and other minerals.
▪ The government plans to monetize assets worth Rs. 28,727 crore (US$ 3.68 billion) in the mining sector over 2022-25.
▪ In 2022, PLI Scheme for domestic production of specialty steel has been approved with an outlay of Rs. 6,322 crore (US$ 762.4 million) by
the Cabinet.
▪ District Mineral Foundation (DMF) has been established in 622 districts of 23 States and a total of Rs. 71,128.71 Crore (US$ 8.5 billion)
has been collected till October 2022 under DMF.

2
Scope for new mining capacities in iron ore, bauxite and coal
▪ India has the world’s seventh-largest reserve base of bauxite and fourth-largest base of iron ore, which accounts for about 7% and 11% of
the total world production, respectively.
▪ Moreover, India had the world’s fifth-largest coal reserve at 361.41 billion tonnes in FY22.

Source: WSA, Ernst and Young, News Article

36
Opportunities (2/2)

3
Rapid growth of user-industries to drive demand for metals and minerals
▪ In 2023, the mineral’s demand is likely to increase by 3%, driven by expanded electrification and overall economic growth in India.
▪ Being the third largest energy consuming country in the world, there is always increased demand for power and electricity in the country,
and hence the surge in demand for coal.
▪ Demand for steel is likely to grow by ~10% as the government’s augmented focus on infrastructural development continues with increased
construction of roads, railways, airports, etc.

4
Expansion by existing players
▪ As announced in February 2023, ArcelorMittal - Nippon Steel is investing Rs. 60,000 crore (US$ 7.3 billion) to expand its steelmaking
capacity in Hazira to 15 MT a year from 9 MT.
▪ In February 2023, JSW Group announced to build a steel plant in Andhra Pradesh's YSR Kadapa district with an investment of Rs. 8,800
crore (US$ 1 billion).
▪ In 2021, an Indian state committee recommended the expansion of Vedanta Ltd.'s Lanjigarh Alumina refinery from 1 million tonnes to 6
million tons, an investment that would cost the company Rs. 64.83 billion (US$ 993 million).

5
Ongoing feasibility study on steel projects
▪ In May 2021, ArcelorMittal Nippon Steel (AMNS) India collaborated with the Odisha government to carry out a feasibility study for a steel
project in the state at a proposed capacity of 12 million tonnes per annum (MTPA). Estimated investment of the project stands at Rs. 50,000
crore (US$ 6.89 billion).

Source: WSA, Ernst and Young, Press Release

37
Opportunities in the iron ore sector

1
Exploration in proposed exploration zones
▪ Odisha: Bonai (Keonjhar belt) and Tomka (Daitari and Umerkoke belts).
▪ Jharkhand: All major high-grade ore deposits; contain low-grade lateritic ores.
▪ Karnataka: Bagalkot, Tumkur, and Chitradurga districts.
▪ Maharashtra: Sindhudurg, Gadchiroli and Gondia.
▪ Chhattisgarh: All 14 deposits of Bailadila range, Dantewada district.
▪ Andhra Pradesh: Kadapa, Kurnool, Karimnagar, Adilabad, and Guntur districts.

2
Scope for new mining capacities in iron ore, bauxite and coal
▪ For 11 coal mines, the government had received 26 proposals. The online bids were encrypted and opened electronically.
▪ Pelletisation capacity is about 59.30 metric tonnes per annum (MTPA)*.
▪ Sintering capacity is about 70.05 MTPA*.
▪ Scope for domestic and foreign firms to explore PPP opportunities.
▪ Joint Venture or technical participation with midcap players with lease/license and seeking capital, expertise and technology.
▪ Through the auction route, players can get access to coal mines and iron ore reserves.
▪ Introduction of Mines and Minerals (Development and Regulation) Amendment Bill 2015 to encourage investment and introducing
viable mining practices.
▪ The National Mineral Exploration Trust (NMET), established in 2015 to enhance regional and detailed mineral exploration in India has plays
a crucial role in advancing mineral exploration activities in the country. Since inception NMET has funded 270 mineral exploration projects,
out of which 162 projects have been completed and remaining 108 projects are ongoing. Madhya Pradesh (22) has highest number of
ongoing mineral exploration projects followed by Odisha (21) and Jharkhand, Karnataka and Maharashtra (12 each) for minerals including
Iron ore, Bauxite, Coal, and Limestone.

Notes: MT - Metric Tonnes, MTPA - Metric Tonnes Per Annum, *: As per Indian Minerals Yearbook 2017
Source: PwC, Ministry of Mines

38
Key Industry Contacts

39
Key industry contacts

Agency Contact Information

Ispat Bhawan, Lodi Road, New Delhi - 110 003

Phone: 91- 11 24300100, 24367481-86
SAIL - Steel Authority of India Ltd. Fax: 91-11 24367015
E-mail: [email protected]
Website: https://www.sail.co.in/
FIMI House, B-311, Okhla Industrial Area
Phase-I, New Delhi-110 020
Federation of Indian Mineral
Phone: 91-11- 26814596
Industries
Fax: 91-11- 26814593
E-mail: [email protected]
Website: http://www.fedmin.com/
L-22/4, Ground Floor, DLF Phase-II
Gurgaon, Haryana-122 002
Indian Stainless Steel
Phone: 91-124 - 4375501
Development Association
Fax: 91-124 - 4375509
E-mail: [email protected]
Website: https://www.stainlessindia.org/

40
 Appendix

41
Appendix

▪ BMI’s Mining Business Environment Ratings

• Market structure: It takes into consideration mining output in US$ billion, sector value growth,% y-o-y r, mining sector,% of GDP

• Country structure: It takes into consideration labour market infrastructure, physical infrastructure r, tax, and scope of state

• Market risks: It considers metals prices, 5-year, forecast average, metals price forecast, average 5-year growth, regulatory framework, legal
framework

• Country risk: It considers, long-term external risk, corruption, bureaucracy, long-term policy continuity

• Mining ratings: It shows the overall scores of the above indicators

42
Glossary

▪ CAGR: Compound Annual Growth Rate

▪ FDI: Foreign Direct Investment

▪ FY: Indian Financial Year (April to March); So, FY10 implies April 2009 to March 2010

▪ GOI: Government of India

▪ IBM: The Indian Bureau of Mines

▪ MoU: Memorandum of Understanding

▪ PPP: It could denote two things (mentioned in the presentation accordingly) -

• Purchasing Power Parity (used in calculating per-capita GDP)

• Public Private Partnership (a type of joint venture between the public and private sectors)

▪ PE: Private Equity

▪ US$ : US Dollar

▪ Wherever applicable, numbers have been rounded off to the nearest whole number

43
Exchange rates

Exchange Rates (Fiscal Year) Exchange Rates (Calendar Year)

Year Rs. Equivalent of one US$ Year Rs. Equivalent of one US$

2004-05 44.95 2005 44.11

2005-06 44.28 2006 45.33
2006-07 45.29 2007 41.29
2007-08 40.24 2008 43.42
2008-09 45.91 2009 48.35
2009-10 47.42 2010 45.74
2010-11 45.58 2011 46.67
2011-12 47.95
2012 53.49
2012-13 54.45
2013 58.63
2013-14 60.50
2014 61.03
2014-15 61.15
2015 64.15
2015-16 65.46
2016 67.21
2016-17 67.09
2017 65.12
2017-18 64.45
2018 68.36
2018-19 69.89
2019 69.89
2019-20 70.49
2020 74.18
2020-21 73.20
2021 73.93
2021-22 74.42 2022 79.82
2022-23 78.60 2023 82.61
2023-24 82.80 2024* 83.21

Note: *- Until April 2024

Source: Foreign Exchange Dealers’ Association of India

44
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45