India registered a 50% hike in Iron Ore production from Last Year

India is one of the leading producers of Iron ore, Bauxite, and Zinc, yet the mining sector contributes to only 2% of the country’s GDP. Mines Secretary, Mr. Alok Tandon,  International Mining Summit with the theme ‘Towards a Responsible and Competitive Mining Industry’ organized by industry body CII, said, “The rules stipulate payment of 30 percent royalty towards District Mineral Foundation for mining leases granted prior to 2015 and 10 percent of royalty for mining leases granted thereafter. The amount of money collected in DMF so far is about Rs 55,000 crore.” Bauxite also witnessed an increase in its production during the same period, compared with last year.