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The latest report released by the Ministry of Commerce & Industries reveals that the coal sector has emerged as the frontrunner among the eight core industries, exhibiting an impressive growth rate of 11.6% in February 2024. This surge in growth marks a significant milestone for the coal industry, showcasing its resilience and potential for expansion.
According to the Index of Eight Core Industries (ICI) based on the 2011-12 base year, the index of the coal industry has soared to 212.1 points in February 2024, compared to 190.1 points during the same period last year. Moreover, the cumulative index of the coal industry has witnessed a commendable increase of 12.1% during the April to February period of the fiscal year 2023-24, compared to the corresponding period of the previous year.
The ICI serves as a comprehensive measure of the production performance of core industries, including cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products, and steel. In February 2024, there was a significant 6.7% increase in the Combined Index of Eight Core Industries compared to the corresponding period in the previous year.
The coal industry’s remarkable performance can be attributed to its sustained double-digit growth over the past eight months, showcasing consistent progress and resilience. Significantly, the coal sector has surpassed the overall growth rate of the eight core industries in the past two fiscal years, emphasizing its crucial role in propelling economic advancement.
A key driver behind this extraordinary growth is the substantial surge in coal production during February 2024, with output reaching 96.60 million tonnes. This represents a remarkable increase of 11.83% compared to the corresponding period in the previous year, indicating robust expansion and productivity within the coal sector.
The Ministry report highlights the coal industry’s crucial contribution to the overall performance of core industries and underscores its significance in the country’s economic landscape. As the coal sector continues to demonstrate resilience and growth potential, it remains a key pillar of India’s industrial development strategy, driving progress and prosperity across various sectors.
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