November 1, 2019
As indicated by Minister Joshi, CIL will have to meet the production target of 750 million tonnes in the financial year 2020-21
Minister Joshi assured labour unions and domestic entities that 100% in FDI in the coal sector would mean 100% FDI in CIL
CIL has projected a growth rate of 8.2% till 2024-25 in order to meet the rising demand for coal driven fuel within the nation
The key consumers of coal in India are the electric power industry, cement industry as well as the steel and washery industries
On the 45th Foundation Day of Coal India Ltd, Minister of Coal & Mines, Shri Pralhad Joshi set a production target of 750 million tonnes (MT) of coal by the year 2020-21. Minister Joshi also announced that the state-owned company will have to meet the production target of 1 billion tonnes by the financial year 2023-24. In his address, the Minister observed that the increasing demand for coal in India would enable entities in the private and public sectors to participate in the production. He also put to rest fears that the government’s move to implement 100 per cent in FDI in the coal sector would mean 100 per cent FDI in CIL.
The Minister remarked that the decision would help reduce India’s dependence on coal imports and bring about concrete structural reforms in the sector. Through international cooperation, the Minister noted that the move would enable the inflow of state-of-the-art technologies and investments from abroad. It would also help in boosting the economy of the nation. According to the Ministry of Coal’s Annual Report 2018-19, CIL has projected a growth rate of 8.2 per cent till 2024-25 to meet the rising demand for coal-driven fuel within the nation. Several projects have been identified and areas assessed for the CIL to achieve the projected growth.
The report also records that the production milestone of CIL was 606.9 MT as against 610 MT for the Financial year 2018-19. The CIL had set a production target of 655 MT coal for the Financial year 2019-20. The key consumers of coal both coking and non-coking coal in India are the electric power industry, the cement industry as well as the steel and washery industries. As one that produces 85 per cent of India’s coal, the CIL is the largest coal miner in the world.