New Delhi, May 27 (IANS) India’s coal imports declined by 7.9 per cent to 243.62 million tonnes (MT) during financial year 2024-25 due to the increase in domestic production of the fossil fuel, resulting in a massive saving in foreign exchange to the tune of $7.93 billion (Rs 60681.67 crore) in the import bill, according to a Coal Ministry statement issued on Tuesday.
The country had imported 264.53 MT of coal in the previous financial year.
The non-regulated sector, excluding the power sector, experienced a more significant decline, with imports dropping by 8.95 per cent year-on-year. Although coal-based power generation grew by 3.04 per cent from FY 2024-25 compared to the previous fiscal year, imports for blending by thermal power plants decreased sharply by 41.4 per cent. This highlights India’s ongoing efforts to reduce its dependence on imported coal and enhance self-sufficiency in coal production, the statement said.
The Centre has implemented several initiatives, including Commercial Coal Mining and Mission Coking Coal, to enhance domestic coal production and reduce imports. These efforts have also led to an encouraging 5 per cent growth in coal output during FY 2024-25 compared to FY 2023-24.
India’s coal sector plays a pivotal role in supporting its rapidly growing economy, with coal serving as a primary energy source for critical industries like power, steel, cement, etc. However, the country faces a significant challenge in meeting its domestic coal demand, especially for coking coal and high-grade thermal coal, which are in short supply within the country’s reserves. As a result, coal imports have been vital to meet the needs of key sectors, including steel.
The Ministry of Coal has been implementing strategic measures to strengthen domestic production and ensure a secure coal supply, aligning with India’s goals of reducing coal imports and enhancing energy security. By prioritising domestic coal output, the government aims to march ahead towards the Viksit Bharat goal by building a self-reliant, sustainable energy framework that supports long-term economic growth, the statement added.
–IANS
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