India’s coal imports may drop 11% to 186 MT in FY23: Coal ministry


India’s coal import is likely to decline by 11.4 per cent to 186 million tonnes (MT) in the current financial year, even as the state-owned firm has issued import tenders to source the dry fuel from overseas.


Coal India Ltd, which accounts for over 80 per cent of domestic coal output, last week issued tenders to import coal in a bid to build up the stock of fossil fuel at the indigenous power plants, as mandated by the government.


The country imported 210 MT of coal in the 2021-22.


According to the medium-term projections of the ministry of coal, of the 186 MT of coal that the company is expected to import in the ongoing fiscal, 130 MT is non-coking coal and 56 MT is coking coal.


Non-coking coal is mainly used as thermal coal for power generation.


India is likely to import 172 MT of coal in 2024-25, 173 MT in 2027-28, and 170 MT in 2029-30.


The country imported 215 MT of coal in FY’21 and 249 MT of coal in FY’20, the said.


Coal India last week floated its maiden tender to import 2.416 million tonnes of coal and also floated two international competitive bidding e-tenders of 3 million tonnes each to source coal from overseas.


The import tender was floated after the government asked the company to build up stock of fossil fuel to avoid the reoccurrence of power outages, which happened in April on account of shortage of the fuel.


Though CIL is on its full steam in augmenting the production to meet the domestic demand of the country, this is a step towards a state of readiness to combat futuristic coal supply crunch if any, the PSU said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor



Source link

Recent Posts

Scan to Download
ios&Android APP

Open trading account and start trading!

Join our happy customers