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Business News/ Companies / News/  India's record coal output tad shy of 1 billion tonne target
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India's record coal output tad shy of 1 billion tonne target

The government aims to eliminate coal imports for the power sector by the end of FY26

India's coal ministry had set a goal for total coal production to reach 1 billion tonnes in FY24. (Image: Pixabay)Premium
India's coal ministry had set a goal for total coal production to reach 1 billion tonnes in FY24. (Image: Pixabay)

NEW DELHI : India's coal production touched a new high of 997.4 million tonnes in fiscal year 2024 (FY24), marking an 11.67% increase from the previous year, but falling short of the 1-billion-tonne target, the coal ministry said in a statement on Monday. In FY23, output stood at 893.19 million tonnes.

However, the cumulative production of coal and lignite surpassed the milestone with a record 1.04 billion tonnes, the ministry said.

Coal Minister Pralhad Joshi commended the record production numbers, highlighting their crucial role in bolstering the country's energy security.

Meanwhile, Coal India Ltd (CIL) produced 773.6 million tonnes of the fossil fuel in FY24, an increase of 10% year-on-year. According to a statement from the state-run miner, coal output in March hit an unprecedented 88.6 million tonnes, the highest ever in a month.

For the current financial year, Coal India has set an ambitious production and supply target of 838 million tonnes, aligning with the government's objective to eliminate coal imports for the power sector by the end of FY26.

CIL's subsidiaries, including Bharat Coking Coal Ltd, Central Coalfields Ltd, Northern Coalfields Ltd, Western Coalfields Ltd, Mahanadi Coalfields Ltd, surpassed their annual targets for the second year in a row in FY24, according to the statement.

Mahanadi Coalfields in Odisha became the first Indian coal producer to exceed 200 million tonnes in output, with a production of 206.1 million tonnes.

CIL, the world's largest coal miner, also reported an 8.5%year-on-year increase in total supplies, reaching 753.5 million tonnes in FY24.

Coal supplies to the power sector rose 5.4% on year to 618.5 million tonnes in the recently concluded fiscal year, from 586.6 million tonnes in FY23. The company exceeded its target by supplying 8.5 million tonnes more coal to power plants than the set goal of 610 million tonnes for the year.

Additionally, coal supplies to the non-power sector increased by 25%, reaching 135 million tonnes, up from 108.1 million tonnes in FY23.

At the end of FY24, coal stockpile at mine pitheads stood at approximately 90 million tonnes, nearly 30% higher on year.

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Published: 01 Apr 2024, 08:04 PM IST
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