In December 2023, the coal sector emerged as a frontrunner among the eight core industries, boasting an impressive growth rate of 10.6%, as per the provisional data released by the Ministry of Commerce & Industries.
The Index of Eight Core Industries (ICI), with a base year of 2011-12, revealed that the coal industry’s index surged to 204.0 points, marking a substantial increase from 184.4 points recorded during the same period the previous year. Moreover, the cumulative index of the coal sector showed a commendable growth of 12.5% during the April to December period of the fiscal year 2023-24 compared to the corresponding period in the previous year.
The latest figures underscored an overall growth of 3.8% in the Combined Index of Eight Core Industries for December 2023, compared to the same month in the preceding year. The ICI serves as a vital tool in assessing the production performance of key sectors, including cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products, and steel.
With a weight of 10.33% in the ICI, the coal sector has significantly contributed to the robust growth trajectory witnessed in the past six months. Notably, it has outpaced the overall growth of the eight core industries over the last two financial years.
The remarkable surge in the Index of Coal Industry can be attributed to the substantial increase in coal production, which reached 92.92 Million Tonnes (MT) in December 2023, surpassing the previous year’s figure of 83.91 MT by an impressive 10.74%.
This exceptional performance of the coal sector not only reflects its individual prowess but also its pivotal role in propelling the overall growth of the core industries. It stands as a testament to the Ministry of Coal’s relentless efforts and proactive initiatives aimed at bolstering the nation’s energy sector.
These efforts are in line with the overarching vision of “Atmanirbhar Bharat,” promoting self-sufficiency and energy security. By achieving significant milestones in coal production and fostering a conducive environment for industry growth, the ministry has contributed substantially to the nation’s progress and economic resilience.
Looking ahead, sustained focus on innovation, technology integration, and policy support will be essential to further enhance the performance of the coal sector. By harnessing its potential and addressing existing challenges, India can strengthen its position as a leading player in the global energy landscape, driving sustainable growth and prosperity for its citizens.