Coal sector leads core industries with record 10.2 per cent growth in May 2024
India’s coal sector achieved a standout growth of 10.2% in May 2024, as per the Index of Eight Core Industries (ICI). The sector’s index rose to 184.7 points, highlighting its pivotal role in energy security and industrial expansion. With coal production increasing by 10.15% to 83.91 million tonnes, the sector’s growth aligns with the government’s “Atmanirbhar Bharat” initiative, enhancing economic stability and reducing import dependence.
The coal sector has emerged as a standout performer among India’s eight core industries, achieving a growth rate of 10.2 percent in May 2024, according to provisional figures from the Index of Eight Core Industries (ICI) released by the Ministry of Commerce and Industry. This growth underscores the sector’s crucial role in driving India’s industrial expansion and ensuring energy security.
The ICI, which monitors the production performance of eight core industries including cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products, and steel, reported a combined index increase of 6.3 percent for May 2024. Among these industries, the coal sector showed the highest growth, reaching an index point of 184.7, up from 167.6 points in the same month last year.
This surge reflects robust performance that has consistently outpaced other core industries over the past two financial years. The exceptional growth in the coal sector is primarily attributed to a significant boost in coal production, which rose to 83.91 million tonnes in May 2024, a 10.15 percent increase compared to the previous year, as stated in the press release.
The uptick in production highlights the coal sector’s critical contribution to the nation’s energy supply chain and its role in supporting overall industrial output. The Ministry of Coal’s strategic initiatives have been pivotal in driving this growth, aligning with the government’s vision of “Atmanirbhar Bharat” (self-reliant India) to achieve energy self-sufficiency and reduce import dependence.
These initiatives not only enhance the productivity of the coal industry but also contribute to broader goals of sustainable industrial growth and energy security. The coal sector’s robust growth has significantly boosted the overall industrial landscape, contributing to increased resilience and competitiveness in India’s economy.
Continued growth in the coal industry is expected to bolster a wide range of economic activities, including power generation and industrial manufacturing, thereby promoting economic stability and fostering growth.
Source Link : https://bioenergytimes.com/coal-sector-leads-core-industries-with-record-10-2-per-cent-growth-in-may-2024/
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