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Coal PSUs, operating under the Ministry of Coal, have emerged as key contributors to India’s economic transformation, consistently surpassing CAPEX targets in recent years. In FY 21-22, these PSUs achieved 104.86% of their target, followed by an impressive 109.24% in FY 2022-23, demonstrating a steady YoY growth trend.
With the Ministry of Coal setting a CAPEX target of 21,030 Crore for FY 2023-24, coal PSUs have already surpassed this target by achieving a record CAPEX of Rs. 22,448.24 Cr by February 2024, marking 106.74% of the annual target. This overachievement, coupled with major investments in the final months of the fiscal year, is expected to further bolster India’s economic growth trajectory.
CAPEX plays a pivotal role in economic dynamics, fueling consumption, demand, industrial growth, and employment generation. The consistent performance of Coal PSUs in exceeding CAPEX targets reflects their significant contribution to India’s infrastructure development and overall economic prosperity.
Moreover, the Ministry of Coal has showcased remarkable success in the Government of India’s Asset Monetization Plan, accounting for nearly half of the total monetization achieved from FY 2021-22 to 2022-23. By February 2024, the Ministry has already achieved its AMP target for FY 2023-24, with Asset Monetization reaching Rs. 55,148.33 Cr against the target of Rs. 50,118 Cr.
In addition, the Ministry of Coal, along with its CPSEs, has excelled in procurement through Government e-Marketplace (GeM). For FY 2022-23, the achievement against the target was 107%, with Rs. 4,278 Crores of procurement. The Ministry received accolades for its engagement, while Coal India Limited (CIL) and NLC India Limited were recognized for their outstanding performance.
In FY 2023-24, the actual procurement through GeM has surged to Rs. 88,518 crores (till 02 March 2024), surpassing the target by a remarkable 415%. This underscores the Ministry of Coal’s leadership position in procurement through GeM, reflecting its commitment to efficient and transparent procurement practices.
Overall, the Ministry of Coal’s robust performance in CAPEX, asset monetization, and procurement through GeM underscores its pivotal role in driving India’s economic growth and development agenda forward.
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