India's coal production CAGR rises to 5.63% in 2023-24

01 Jul 2024 CW Team

India, possessing the world's fifth-largest coal reserves and the second-largest coal consumption, has seen notable changes in its coal import and production patterns, suggesting a calculated attempt to become more energy independent. India's coal output grew at a compound annual growth rate (CAGR) of 4.44 percent between fiscal years 2004?05 and 2013?14 and 5.63 percent between fiscal years 2014?15 and 2023?24, according to recent statistics. The country's concerted efforts over the past 10 years to increase domestic coal output are the cause of this increase. Simultaneously, the CAGR for coal imports showed a noticeable decrease. From a peak of 21.48% between 2004?05 and 2013?14, it dropped to a meagre 2.49 percent between 2014?15 and 2023?24. Furthermore, the percentage of imported coal consumed generally decreased as well, with the CAGR falling from 13.94% in the earlier period to around -2.29 % in the latter period. These developments highlight India's strategic goal of lowering its reliance on imported coal, even while imports are still required to satisfy some industrial demands, such as the manufacturing of steel, as indigenous deposits of high-grade thermal coal and coking coal are not readily available. This change is part of India's larger plan to increase energy security by making the most of its own coal resources and utilising cutting-edge technologies. This strategy supports the national objective of Atmanirbhar Bharat, or self-sufficient India, which emphasises the significance of self-sufficiency in vital areas like energy. As India continues down this route, the country's energy landscape will be significantly impacted by the decrease in import reliance and the expansion of local coal production capacity.

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