Coal news and updates

Economic Survey 2022-23: Production of coal to cross 900 million tonnes next financial year

Coal production for the next financial year (2023-24) is estimated to increase to 911 million tonnes, about 17 per cent higher than the previous year, according to the Economic Survey 2022-2023.

Well-timed measures have placed India in a better position to cater to excess energy demand, noted the annual survey, unveiled by finance minister Nirmala Sitharaman on January 31, 2023.

Between April and December 2022, coal production rose by 14 per cent on a year-to-year basis and was 21 per cent higher than in the pre-pandemic financial year of 2019-2020, the survey noted.

The coal industry is expected to grow at 6-7 per cent annually to reach a production level of one billion tonnes by 2025-2026 and about 1.5 billion tonnes by 2030.

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This annual growth is consistent with efforts by the government to improve domestic coal production, reduce imports and increase exports.

In March 2022, coal availability was a challenge due to the increasing demand for power across the country, both owing to heatwaves through May 2022 as well as a sudden increase in economic activity after the post-pandemic slumber.