In a remarkable display of resilience and growth, the coal sector in India has achieved a staggering 16.1% growth in September 2023, according to the latest data from the Ministry of Commerce & Industries. This impressive surge propelled the sector’s performance to 148.1 points, compared to 127.5 points during the same period the previous year, marking its highest growth in the last 14 months, except for August 2023.
Ministry of Commerce & Industries released the index of eight Core Industries, which includes cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products, and steel. The data reveals that the combined index of these industries exhibited a noteworthy increase of 8.1% (Provisional) in September 2023 compared to the same period in the previous year, reflecting a broader trend of growth across key sectors.
The remarkable growth in the coal sector can be attributed to a substantial upswing in coal production during September 2023. The sector produced an impressive 67.27 million metric tons (MT), surpassing the 58.04 MT figure during the corresponding period of the previous year, representing a remarkable increase of 15.91%. The Coal Industry’s growth trajectory has been equally impressive, starting at 9.1% in April 2023 and surging to 16.1% in September 2023, showcasing consistent and sustained growth.
Ministry of Coal played a pivotal role in driving this growth through a series of strategic initiatives. These initiatives include the amendment of the Mines and Minerals (Development and Regulation) Act, 2021, which allowed captive mines to sell coal or lignite. Additionally, domestic production was augmented through the auction-based regime for commercial coal mining, engaging Mine Developer cum Operators (MDOs) to ramp up domestic coal output, and the reopening of discontinued mines on a revenue-sharing model to boost coal production.
The impressive growth of the coal sector not only reflects its individual success but also underscores its significant contribution to the overall growth of the eight core industries. These efforts align with the vision of “Atmanirbhar Bharat” (self-reliant India) and contribute to the nation’s progress towards self-sufficiency and energy security.
