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Tuesday, May 28, 2024

Coal Sector Achieves Remarkable 10.2% Growth Among Eight Core Industries

The coal sector has demonstrated highest growth of 10.2 % (provisional) among the eight core industries for the month of January 2024 as per the Index of Eight Core Industries (ICI)) (Base Year 2011-12) released by Ministry of Commerce & Industries. The index of coal industry has reached 218.9 points during Jan’24 as compared to 198.6 points during the same period of last year and its cumulative index has increased by 12.2% during April to January, 2023-24 over corresponding period of the previous year.

The ICI measures the combined and individual production performance of eight core industries, viz. cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products, and steel.

The Combined Index of Eight Core Industries experienced a notable 3.6% increase in January 2024, compared to the same period of previous year, underscoring the coal sector’s substantial contribution to overall industrial expansion. The coal industry has consistently outperformed its counterparts, demonstrating sustained double-digit growth over the past seven months and substantially higher growth than the overall growth of eight core industries in last two financial years.

The driving force behind this remarkable growth can be attributed to a significant surge in coal production during January 2024, with output reaching an impressive 99.73 million tonnes, marking a remarkable increase of 10.20% compared to the same period in the previous year. This surge in production underscores the sector’s capacity to meet growing demand of energy and manufacturing industries.

The exceptional expansion of the coal sector, coupled with its substantial role in propelling the overall growth of the eight core industries, stands as evidence of the Ministry of Coal’s persistent endeavours and proactive initiatives. These efforts align with the vision of “Atmanirbhar Bharat” and contribute to the nation’s progress towards self-sufficiency and energy security.

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