The coal sector emerged as the star performer among the eight core industries in February 2024, showcasing an impressive growth rate of 11.6% according to the latest data released by the Ministry of Commerce & Industries. This surge in growth marks a significant achievement for the coal industry, outpacing all other sectors included in the Index of Eight Core Industries (ICI) for the month.
Index of Eight Core Industries (ICI), which serves as a barometer of production performance across key sectors, saw a combined growth of 6.7% in February 2024 compared to the same period last year. However, the standout growth of the coal sector propelled the overall index to new heights.
The coal industry’s index reached 212.1 points in February 2024, a notable increase from 190.1 points recorded during the corresponding period in the previous year. Moreover, the cumulative index for the coal sector witnessed a substantial uptick of 12.1% during the April to February period of the fiscal year 2023-24 compared to the previous year.
This remarkable growth trajectory of the coal sector can be attributed to robust production levels, with output surging to 96.60 million tonnes in February 2024. This represents a significant 11.83% increase from the production figures recorded during the same period in the previous year.
The coal industry’s consistent outperformance is evident from its sustained double-digit growth over the past eight months. Notably, it has surpassed the overall growth rate of the eight core industries for the last two financial years, underscoring its vital role in driving industrial expansion.
Various factors have contributed to the buoyancy of the coal sector, including strategic investments in infrastructure, technological advancements, and streamlined operational efficiencies. Additionally, favourable market conditions and robust demand have further fuelled the sector’s growth momentum.
Industry experts anticipate that the upward trajectory of the coal sector is poised to continue, supported by ongoing efforts to enhance production capacity, optimize supply chain logistics, and capitalize on emerging market opportunities.
