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India’s coal sector has achieved a significant feat in the first quarter of FY 2023-24 by reaching a record-high coal production of 223.36 million tonnes (MT). This achievement marks a remarkable growth of 8.55% compared to the production of 205.76 MT during the same period in FY 2022-23.
Coal India Limited (CIL) played a pivotal role in this success, registering a commendable production of 175.48 MT between April and June 2023, showcasing a remarkable growth rate of 9.85% compared to the corresponding period in the previous year, where it produced 159.75 MT. The consistent upward trajectory in coal production underlines India’s unwavering commitment to meeting its energy demands and driving sustainable economic growth.
Although coal imports rose by 16.76% from April to May 2023, as compared to the same period in the previous year, this increase can be attributed primarily to a significant decline in coal import prices. Import prices for coal have dropped by over 60% in Q1 of FY 2023-24, compared to the same period in FY 2022-23. Consequently, the e-auction premium over CIL’s notified prices saw a substantial reduction, plummeting from 357% in June 2022 to 54% in June 2023, mainly due to the sharp fall in import prices. This decline indicates adequate coal availability in the domestic market, shaping the import landscape for coal.
Regarding coal availability, India boasts a considerable stock of coal, totaling 107.15 MT (67 MT with coal companies, 33.61 MT with TPP (DCB), and 6.54 MT at Private Washeries/Good shed siding/Ports) at the end of June 2023, signifying a growth of 37.62% compared to the same period last year. This substantial coal stock ensures a stable supply for various sectors reliant on coal, contributing significantly to the nation’s overall energy security.
India’s exemplary achievement in coal production exemplifies the dedicated efforts of the coal industry in meeting the nation’s ever-growing energy needs. These record-breaking figures not only showcase the industry’s resilience but also highlight its ability to adapt to market conditions while fostering sustainable growth. With such progress, India’s coal sector is poised to play a crucial role in fueling the country’s economic development and energy requirements in the foreseeable future.
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