India has achieved a significant milestone in its energy sector by saving $5.43 billion (₹42,315.7 crore) in foreign exchange during the April-December 2024 period. This achievement comes as a result of a notable 8.4% decline in coal imports, driven by a surge in domestic coal production, according to the Ministry of Coal.
Key Highlights:
- Coal Imports Drop: Coal imports fell to 183.42 million tonnes (MT) during the nine-month period, compared to 200.19 MT in the same timeframe of the previous fiscal year.
- Non-Regulated Sector Leads Decline: The non-regulated sector, which includes industries like cement and steel, witnessed a sharper decline in imports, dropping by 12.01% year-on-year.
- Thermal Power Plants Reduce Imports: Imports for blending by thermal power plants decreased significantly by 29.8%, even as coal-based power generation grew by 3.53% during the same period.
Government Initiatives Boost Domestic Production
The government has implemented several strategic measures to enhance domestic coal production and reduce dependency on imports. Initiatives such as Commercial Coal Mining and Mission Coking Coal have contributed to a 6.11% growth in coal output during the April-December 2024 period compared to the previous fiscal year.
A Step Toward Energy Self-Reliance
The Ministry of Coal emphasized that these efforts align with India’s vision of building a self-reliant and sustainable energy framework. By prioritizing domestic coal production, the country aims to reduce its reliance on imported coal, particularly for critical industries like power generation, steel production, and cement manufacturing.
This achievement marks a significant step toward India’s goal of energy security and economic sustainability, reinforcing its commitment to reducing the trade deficit and enhancing self-sufficiency in the energy sector.
