The visit by the Prime Minister Abbott has given impetus to the mutual goodwill. We must be using this goodwill to tap more minerals, including coal from Australia, rich in natural resources, to fuel our economic growth, ASSOCHAM President Mr Rana Kapoor said in a statement.
In sync with its growing economy and increasing energy requirements, India has emerged a big importer of coal. In the fiscal 2013-14, India's coal imports increased by 17.9 per cent to 171 million tonnes (MT) from 145 million tonnes in 2012-13.
But as the economic growth is expected to reach six per cent this fiscal, the electricity requirements are increasing commensurately. However, about 50 per cent of the country's thermal plants, including in the state-owned sector, have coal stocks enough only for a week of generation. That sounds alarming. While Coal India can be asked to step up its production, the growing needs make it imperative to go in for more imports and what better source than Australia whose top leadership is engaged with strategic relationship with India, the ASSOCHAM President said.
Australia is blessed with rich mineral resources which rake in over USD 150 billion to its exports. Its mineral wealth includes iron ore, coal, gold, copper, alumina/aluminum, and nickel. India has interest in all these areas, Mr Kapoor said.
"Our coal demand-supply gap will only increase, something about 200 million tonnes in the next two years and we need to step up imports."
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