India plans to increase coal production by 17% from the previous fiscal year to 911 million tonnes in the fiscal year 2022-2023 (Apr 2022-Mar 2023) to meet growing electricity demand, according to the Ministry of Coal.
The country churned out 777 million tonnes of coal during the past fiscal year, rising 6% from a year ago. India targets 1 billion tonnes of production in the FY 2023-24.
Coal India Corporation (CIL), which represents 80% of India's total coal production, plans to produce 700 million tonnes of coal for the current financial year, a year-on-year increase of 12.4%. State-owned Singarini Mining Corporation (SCCL) is targeting 70 million tonnes, higher than 65 million tonnes in the previous fiscal year.
During the first two months of this fiscal year (April-May), India's total coal output was close to 138 million tonnes, an increase of more than 28% over the same period last year. Among them, the output of CIL stood at 108 million tonnes, up 28.8%.
The Indian government has been committed to achieving the goal of zero imports by 2030 and achieving self-sufficiency in coal use. India's coal ministry expects India's thermal coal imports to decline steadily over the next few years as domestic coal production increases and renewable power generation grows.
The ministry expects non-coking coal imports to fall to 95 million tonnes in the FY 2029-30 from 130 million tonnes in the FY2022-23. India's total coal demand will reach 1.03 billion tonnes this fiscal year and is expected to surge to 1.45 billion tonnes in the FY2029-30.
(Writing by Emma Yang Editing by Tammy Yang)
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