New Delhi: In the Index of Eight Core Industries (ICI) for November 2023, the coal sector has witnessed a growth of 10.9 percent on account of a substantial jump in domestic coal production, said the Ministry of Coal on Monday. "Coal Sector achieved 185.7 points in November compared to 167.5 points, the same time last year. The cumulative index of coal sector during April – November, 2023-24 has increased by 12.8 percent over the corresponding period of the previous year," said the Coal Ministry.
The latest data indicates that the Combined Index of eight Core Industries has shown an increase of 7.8 percent (provisional) in November 2023, compared to the same period of the previous year.
The ICI measures the combined and individual production performance of eight core industries, viz. cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products and steel.
The growth in the index of coal industry is mainly due to a substantial surge in coal production during the month of November 2023, reaching 84.52 Million Tonnes (MT), surpassing 76.16 MT of the corresponding month of the previous year, representing a remarkable increase of 10.97 percent, said the Coal Ministry in a statement.
"The Ministry of Coal has played a pivotal role in driving this growth through various strategic initiatives. These include augmenting domestic production through auction-based regime for commercial coal mining, engaging Mine Developer cum Operators (MDOs) to ramp up domestic coal output and reopening of discontinued mines on a revenue-sharing model to boost coal production," it added.
"The note-worthy growth of the coal sector and its contribution to the overall growth of the eight core industries are a testament to the continuous initiatives undertaken by the Coal Ministry. These efforts align with the vision of "Atmanirbhar Bharat" and contribute to the nation's progress towards self-sufficiency and energy security," said the ministry.