GG News Bureau
New Delhi, 6th Dec. According to the Index of Eight Core Industries (ICI) for October 2023, released by the Ministry of Commerce & Industries, the Coal Industry has achieved its highest growth in the past 16 months, with a provisional increase of 18.4% to reach 172.6 points, compared to 145.8 points during the same period last year.
The latest data shows that the Combined Index of the eight Core Industries has experienced a significant increase of 12.1% (Provisional) in October 2023, compared to the same period last year.
The ICI measures the production performance of eight core industries, including cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products, and steel.
The growth in the Coal Industry Index can be attributed to a substantial increase in coal production in October 2023, reaching 78.65 Million Tonne (MT), surpassing the figure of 66.32 MT from the same month last year, representing a remarkable increase of 18.59%.
The Coal Industry Index has shown consistent and sustained growth, with a growth rate of 9.1% in Apr’2023, which rose to 18.4% in Oct’2023.
The Ministry of Coal has played a crucial role in driving this growth through various strategic initiatives. These initiatives include increasing domestic production through auction-based commercial coal mining, engaging Mine Developer Operators (MDOs) to boost coal output, and reopening discontinued mines on a revenue-sharing model.
The remarkable growth of the coal sector and its contribution to the overall growth of the eight core industries are a testament to the continuous efforts and initiatives undertaken by the Ministry of Coal. These efforts align with the vision of Atmanirbhar Bharat and contribute to the nation’s progress towards self-sufficiency and energy security.
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