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New UserCoal exports to help India lower trade deficit in energy
03 Aug 2016
India is set to export coal for the first time, shipping 2-3 million tonnes (mt) of the fuel to neighbouring Bangladesh, as domestic stocks swell following a record output.
State-owned Coal India Ltd (CIL) raised output by 8.5% in 2015-16 to 536 mt, which helped bring down imports by 34 mt.
By the end of March, coal stock available with power generation companies also rose to the equivalent of 27 days’ requirement, up from 18 days a year ago.
“Talks are on with Bangladesh for export of coal. Now, they are importing from Indonesia. Export of coal will help as far as our trade deficit in energy is concerned,” coal secretary Anil Swarup said.
While the quantum of exports is yet to be finalized, 2-3 mt a year will make a good beginning, he added.
SOurce: ET