03 May 2024 PIB
Download PDF Here
TABLE OF CONTENTS
1. India-Nigeria Joint Trade Committee 2. Mining Sector Registers Record Production in FY 2023-24
1. India-Nigeria Joint Trade Committee
Syllabus: GS-2, International Relations
Mains: India – Nigeria relations
Context:
The second session of the India-Nigeria Joint Trade Committee was held in Abuja.
Details:
- At the meeting, both sides undertook a detailed review of recent developments in bilateral trade and investment ties and acknowledged the vast untapped potential for further expansion.Â
- To this effect, both sides identified several areas of focus for enhancing bilateral trade and mutually beneficial investments.Â
- These include resolving market access issues of both sides and cooperation in key sectors such as Crude oil and Natural Gas, Pharmaceuticals, Unified Payments Interface (UPI), Local Currency Settlement System, Power Sector and Renewable Energy, Agriculture & Food Processing, Education, Transport, Railway, Aviation, MSMEs, Development, etc.Â
- Both sides agreed to the early conclusion of the Local Currency Settlement System Agreement to further strengthen bilateral economic ties.
India – Nigeria Economic Ties:
- Nigeria is a major partner – the 2nd largest trading partner of India in the African region.Â
- Bilateral trade between India and Nigeria stood at USD 11.8 billion in 2022-23.Â
- In 2023-24, the bilateral trade stands at 7.89 billion showing a declining trend.Â
- With a total investment of USD 27 Billion, approximately 135 Indian companies are actively engaged in Nigeria’s vibrant market.Â
- These investments traverse diverse sectors, encompassing infrastructure, manufacturing, consumer goods and services.
2. Mining Sector Registers Record Production in FY 2023-24
Syllabus: GS-3, Economy
Mains: Mining sector in India
Context:
There has been a significant growth in the production of key minerals and aluminium.
Details:
- The index of mineral production for March 2024 was 156.1, which is 1.2% higher as compared to the level in March 2023.Â
- The index for the entire FY 2023-24 has increased by 7.5% over FY 2022-23.Â
- Some of the non-fuel minerals showing positive growth during March 2024 as compared to the corresponding month of the previous year are Copper Concentrate, Gold, Manganese Ore, Diamond, Graphite, Kyanite, Sillimanite, Limeshell, Limestone, Magnesite, etc.
- Iron ore and Limestone: Iron ore and limestone together account for about 80% of the total MCDR mineral production by value.Â
- Production of these key minerals in the country has exhibited high growth in FY 2023-24 as per provisional figures.
- The production of iron ore stands at a record 277 million metric tons (MMT) in FY 2023-24.
- Limestone production is also at a record high of 450 MMT in FY 2023-24.
- Aluminium: Primary aluminium production increased from 40.73 lakh tons (LT) in FY 2022-23 to 41.59 LT during FY 2023-24, at a 2.1% growth rate.
Significance:
- India is the 2nd largest Aluminium producer, 3rd largest lime producer and 4th largest iron ore producer in the world.Â
- Healthy growth in the production of iron ore and limestone in FY 2023-24 reflects the robust demand conditions in the user industries viz. steel and cement.Â
- Coupled with the high growth in Aluminium, these growth trends point towards strong economic activity in user sectors such as energy, infrastructure, construction, automotive and machinery.
Read previous PIB articles here.
| Related Links | |||
| Earth Day | Scheduled Tribes | ||
| World Anti-Doping Agency (WADA) | Narcotics Control Bureau | ||
| PM SVANidhi | GIFT City | ||
Comments