Coal Production to grow by 6 to 7% in next fiscal year, initiatives taken for low-import
The government has approved the creation of a new sub-sector under the Non-Regulated Sector linkage auctions with the nomenclature of ‘Steel using Coking coal through WDO route'.
In order to meet future demand of coal through indigenous sources and to reduce non-essential import of coal, domestic coal production is expected to grow by 6-7% annually in next few years to reach about 1.5 billion tonne by 2029-30.
Most of the demand of coal in the country is met through indigenous production/supply. The actual demand for coal increased to1233.86 Million Tonnes (MT) in 2023-24 from 1115.04 MT in 2022-23. As against the increased coal demand, domestic coal production has also increased. In 2023-24, the domestic coal production increased by 11.65% to reach 997.26 MT from 893.19 MT in 2022-23.
Read Also : ONGC releases statement on incident happened at Uran plant in MaharashtraThe Government of India has approved a Financial Support Scheme with Rs 8500 crore outlay as viability gap funding to promote setting up of Coal/Lignite Gasification Projects for both PSUs and the private sector.
To substitute Import of Coking Coal, the current domestic blending of coking coal by steel sector to be increased from present 10-12% to 30-35%. Accordingly, Ministry of coal has launched Mission Coking Coal in FY22 to meet the domestic coking coal demand projected in National steel policy 2017. Following transformative measures taken by Ministry of Coal under ‘Atmanirbhar Bharat’ initiative of PM, domestic raw Coking Coal production is likely to reach 140 MT by 2030.
Read Also : NHPC CMD inaugurated NHPC pavilion at RE Invest 2024The government has approved the creation of a new sub-sector under the Non-Regulated Sector linkage auctions with the nomenclature of ‘Steel using Coking coal through WDO route'.
In addition to reducing imports, the government is actively promoting coal exports to capitalize on the growing global demand for the fossil fuel. This initiative aims to position India as a key player in the international coal market, generating revenue and creating employment opportunities in the sector.
The reduction in coal imports and the promotion of exports are crucial steps in ensuring India's energy security. By relying more on domestically produced coal, the country can reduce its dependence on foreign sources and insulate itself from global price fluctuations.
Read Also : Engineers Day at NTPC BongaigaonNews Must Read
- Indian Bank raises Rs. 5,000 Crores through issuance of Bonds
- NLCIL plans three fold increase in its total power generation capacity by 2030
- DVC enters into financial collaboration with State Bank of India
- IREDA Signs MoU with SJVN and GMR for 900 MW Hydropower Project in Nepal
- IREDA Signs MoU with SJVN and GMR fo Hydro Project in Nepal
- SJVN CMD visited 1320 MW Buxar Thermal Power Project
- Petroleum Minister Hardeep S Puri Highlights India’s Bioenergy Progress
- NBCC bags orders worth Rs. 182.50 Crore
- OMCs increases price of 19 kg commercial LPG cylinder by Rs 39
- HUDCO Issues Record Date For Dividend, Shares Rise 118% YTD