Indian Oil Production Boosts By 8.4%; Touches 223 MT In Q1

During the first quarter of the fiscal year 2023-24, India witnessed an 8.4% growth in coal production, the Ministry of Coal released a statement. In comparison to the previous fiscal year, coal production reached 222.93 million tonnes (MT), compared to 205.65 MT during the same period.

The increase in coal production has had a dual effect, not only boosting the overall production but also positively influencing coal dispatches throughout the country. In the first quarter of the fiscal year 2023-24, cumulative coal dispatches reached 239.69 million metric tons (MT) on a provisional basis, demonstrating a growth rate of 6.97% compared to 224.08 MT dispatched in the first quarter of the fiscal year 2022-23. Coal India Limited (CIL) played a crucial role in meeting the rising demand for coal, dispatching 186.21 MT in the first quarter of FY 2023-24, representing a growth rate of 5.32% compared to the 176.81 MT dispatched during the same period the previous year.

According to the ministry's statement presented to the media, Coal India Limited (CIL) achieved remarkable growth of 9.85% in production, reaching 175.35 million metric tons (MT) in the fiscal year 2023-24. This is compared to 159.63 MT produced during the same period the previous year. Additionally, captive mines and others experienced a growth of 4.74%, reaching 30.48 MT in FY 23-24, as compared to 29.10 MT in FY 22-23 during the same period. The ministry emphasized that these achievements have contributed to the overall positive momentum in the sector.

Additionally, the increase in coal offtake has led to a favorable coal stock position. As of June 30, 2023, the total coal stock reached an impressive 107.15 million metric tons (MT) on a provisional basis, compared to 77.86 MT as of June 30, 2022, indicating a substantial growth of 37.62%. This growth highlights the ongoing efforts to meet the growing demand for coal.

Furthermore, Singareni Collieries Company Limited (SCCL) and captive mines/others recorded dispatch figures of 18.07 MT and 35.41 MT respectively in the first quarter of FY 2023-24, reflecting growth rates of 4.45% and 18.16% when compared to the corresponding period in FY 2022-23.

The Ministry of Coal's persistent efforts to enhance coal production and ensure smooth dispatches demonstrate India's commitment to meeting its energy needs and promoting continuous economic growth.

These positive developments not only position the nation favorably but also contribute to the upward trajectory of the energy sector, reaffirming the commitment to uninterrupted power supply and supporting the vision of a self-reliant India (Aatmanirbhar Bharat).