The development comes after the Ministry of Mines notified the Mineral Exchange Rules, 2026 in June. The proposed exchange is expected to reduce information asymmetry between mineral producers and buyers while establishing a transparent mechanism for trading.
“We expect to register and operationalise the first Mineral Exchange by the next financial year. Work on the registration of the exchange is currently under way,” Mines Additional Secretary Veena Kumari Dermal said during the 60th Annual General Meeting of the Federation of Indian Mineral Industries (FIMI).
The ministry notified the Mineral Exchange Rules in June to establish a state-of-the-art platform focused on transparent price discovery and standardised quality assessment, Dermal said.
The exchange will also include risk-management mechanisms aimed at preventing market manipulation and protecting participants, she said. According to Dermal, the platform would provide producers and buyers with a reliable and globally competitive marketplace for minerals.
She said minerals form the backbone of infrastructure, manufacturing and national energy security.
“As the country advances towards the vision of Viksit Bharat 2047, India's primary objective is to build a self-reliant economy,” Dermal said. She highlighted the scale of India's mineral imports, noting that in financial year 2025-26 alone, the country imported minerals valued at Rs 10,12,000 crore.
To reduce this heavy burden on the national exchequer, the industry needs to expand, increase domestic capacity, raise production and optimise local resources, she said.
The mining sector has recorded significant growth over the last decade. The value of mineral production increased from Rs 49,900-50,000 crore in 2013-14 to Rs 1.86 lakh crore in 2025-26, representing a cumulative annual growth rate of 11.6 per cent.
Dermal said this growth was driven by policy reforms undertaken by the Ministry of Mines.
Production of iron ore also increased from 152 million tonne in 2013-14 to 312 million tonne last year. Limestone production rose from 280 MT to 483 MT, while bauxite production increased from 22 MT to 26 MT.
“We are seeing the increase in mineral production, but that is not sufficient to meet the aspiration of the country,” she explained.
The proposed mineral exchange is therefore set to become a key component of the ministry’s effort to establish a transparent trading mechanism, improve price discovery and strengthen the domestic mineral market as India works towards expanding production and optimising its local resources.
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