Coal India To Produce One Billion Tonne Of Coal By 2024: Minister of Coal & Mines

Minister of Coal & Mines, Pralhad Joshi said that the Coal India Limited (CIL) will produce 750 million tonnes of coal by the Financial Year 2020-21 and would further produce one billion tonne of coal in the financial year 2023-24. The Minister announced this target during his address at the 45th Foundation Day of CIL in Kolkata. The CIL is currently given the target of producing 660 million tonnes of coal amounting to 82% of the country's coal output. The CIL is also likely to offer around ten thousand new jobs to boost employment. He directed CIL to take necessary steps to achieve this goal in light of growing energy requirements of the nation and assured CIL of all possible help from the Ministry of Coal in this regard.

The minister said that with the demand for power rising steeply, there is enough opportunity for both government and private sectors to produce coal without adversely impacting each other. Referring to the central government's recent decision of 100% FDI under automatic route in coal sector, as one of the much-needed structural reforms in the sector, he said that it will minimize the volume of coal import and will be mutually beneficial. The Minister sought to allay the fears of domestic players and labour unions by reiterating that FDI in coal does not stand for FDI in Coal India.

Powered by Capital Market - Live News