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The coal sector in India has emerged as a powerhouse of growth, showcasing a remarkable surge of 10.2% in January 2024, according to the latest data released by the Ministry of Commerce & Industries. This surge, as indicated by the Index of Eight Core Industries (ICI), underscores the sector’s pivotal role in driving the nation’s industrial expansion.
The ICI serves as a crucial barometer, measuring the production performance of eight core industries, including cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products, and steel. Among these, the coal industry has stood out with its consistent and robust growth trajectory.
In January 2024, the index of the coal industry reached 218.9 points, marking a substantial increase from 198.6 points during the same period the previous year. Moreover, the cumulative index of the coal sector has recorded a notable 12.2% growth during April to January 2023-24, compared to the corresponding period of the preceding year.
The exceptional growth of the coal sector has been a driving force behind the overall expansion of the eight core industries. In January 2024, the Combined Index of Eight Core Industries experienced a significant 3.6% increase, attributing a substantial portion of this growth to the remarkable performance of the coal industry.
What sets the coal sector apart is its consistent double-digit growth over the past seven months, surpassing the overall growth of the eight core industries in the last two financial years. This sustained momentum reflects the sector’s resilience and its pivotal role in meeting the burgeoning energy demands of various industries across the nation.
The surge in coal production has been a primary catalyst behind this remarkable growth. In January 2024 alone, coal production soared to 99.73 million tonnes, marking a notable increase of 10.20% compared to the same period in the previous year. This surge underscores the sector’s capacity to cater to the escalating demands of the energy and manufacturing sectors, thus driving economic progress.
The Ministry of Coal’s proactive initiatives and persistent endeavors have played a pivotal role in fostering the growth of the coal sector. These efforts align seamlessly with the vision of “Atmanirbhar Bharat,” emphasizing self-sufficiency and energy security. The sector’s exceptional performance not only contributes to the nation’s industrial growth but also strengthens its journey towards self-reliance.
The coal sector’s outstanding performance in January 2024, as evidenced by the significant surge in production and index growth, underscores its critical role in India’s industrial landscape. As the nation charts its path towards economic resurgence, the coal sector stands poised to continue its ascent, driving growth, and fostering self-reliance in the years to come.
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