Bhubaneswar: Odisha, the largest producer of Iron Ore and leading producer of coal, Chromite and Manganese in India has achieved highest ever mining revenue of over Rs. 10,000 Crore in the 2018-19 Financial Year.
Price Rise along with Demand Hike in International Market has helped the mineral rich state to produce more minerals and generate more revenue, said senior official in the Steel and Mining Department, Government of Odisha.
Latest statistics from Integrated Financial Management System (IMFS) collection reveals that as on 31 March, 2019, State Government has collected Rs.10, 294.39 Crore from Mineral sector.
Last year generation of Non Tax Revenue from Mineral sector was Rs.6130 Crore. All Mineral production reached 289.55 Million Ton during 2018-19, which was 270.84 Million Ton during 2017-18.
Odisha has produced 118 Million Tons of Iron Ore, during 2018-19, which was 105 Million Ton 2017-18. Similarly permitted dispatch touched 140.9 Million Ton, which was 125.9 Million Ton during 2017-18, said Mr. RK Sharma, Secretary, Steel & mines.
With the Iron ore prices rose in the global markets after an accident in Brazil, one of the major exporters in the World, Odisha has been able to produce more Iron Ore and despatch the same.
Experts say that the global industry is expected the demand to go up, which would support a positive price outlook for the industry.
In the country, Domestic iron ore supplies would exceed the demand by around 25 Million Ton, and the situation is unlikely to change materially in FY2019-20 when most of the merchant mining leases would expire in March 2020.
The total Iron Ore requirement in India for Financial year 2018-19 was 201.2 Million Ton, while the estimated domestic iron ore production is 210 Million Ton with imports at 15.7 million, said sources. This leaves the country with a 24.5 Million Ton surplus iron ore during the year.