Coal sector achieves 10.9% growth in among eight core industries in 2023

The Ministry of Coals strategic initiatives have had a appreciating impact on the its growth index, achieving 10.9% growth among eight core industries due to substantial surge in coal production in November 2023. The ministry has introduced auction based regime, Mine developers cum operators to boost commercial coal mining and amplify domestic coal output. The developments align with "Atmanirbhar Bharat" a vision to contribute in the nations self sufficiency and energy security.

New Delhi: The Index of Coal Industry has achieved a growth of 10.9 per cent (provisional) among eight core industries, during November 2023, as per the data released by the Ministry of Commerce & Industries.The coal sector achieved 185.7 points in November, compared to 167.5 points, in the same time last year, the release added.The Index of Coal Industry (ICI) measures the combined and individual production performance of eight core industries, viz. cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products and steel.

The growth in the Index of Coal Industry is mainly due to a substantial surge in coal production during the month of November 2023, reaching 84.52 Million Tonne (MT), surpassing 76.16 MT of the corresponding month of the previous year, representing an increase of 10.97 per cent. Meanwhile, the cumulative index of the coal sector during April-November, 2023-24 has increased by 12.8 per cent over the corresponding period of the previous year.

The Ministry of Coal has played a pivotal role in driving this growth through various strategic initiatives. These include augmenting domestic production through an auction-based regime for commercial coal mining, engaging Mine Developer cum Operators (MDOs) to ramp up domestic coal output and reopening of discontinued mines on a revenue-sharing model to boost coal production.

The note-worthy growth of the coal sector and its contribution to the overall growth of the eight core industries are a testament to the continuous initiatives undertaken by the Coal Ministry. These efforts align with the vision of "Atmanirbhar Bharat" and contribute to the nation's progress towards self-sufficiency and energy security, the statement said.