In a significant boost to India’s industrial landscape, the coal sector has achieved an impressive 18.4% growth in October, marking the highest surge in the last 16 months, according to the Index of Eight Core Industries (ICI) released by the Ministry of Commerce & Industries. The provisional data reveals that the Index of Coal Industry reached 172.6 points, a substantial increase from 145.8 points during the same period last year.
The cumulative index for April to October 2023-24 showcases a commendable 13.1% increase over the corresponding period of the previous year. The broader perspective indicates a noteworthy 12.1% provisional increase in the Combined Index of all eight core industries in October 2023 compared to the same period in the previous year.
ICI, which monitors the production performance of key industries including cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products, and steel, has seen an exceptional growth trajectory in the coal sector.
The outstanding performance of the Index of Coal Industry can be attributed to the remarkable surge in coal production during October 2023, reaching an impressive 78.65 Million Tonnes (MT). This surpasses the 66.32 MT recorded in the corresponding month of the previous year, marking a substantial 18.59% increase.
Growth trend in the Index of Coal Industry is notable, with a 9.1% increase in April 2023, escalating to a remarkable 18.4% in October 2023, indicating consistent and sustained growth throughout the year.
Ministry of Coal has played a pivotal role in driving this unprecedented growth through strategic initiatives. These initiatives include augmenting domestic production through an 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 remarkable growth of the coal sector not only underscores its individual success but also its significant contribution to the overall growth of the eight core industries. This achievement stands as a testament to the continuous efforts and initiatives undertaken by the Ministry of Coal. These endeavours align seamlessly with the vision of “Atmanirbhar Bharat,” contributing substantially to the nation’s progress towards self-sufficiency and energy security.
