New Delhi [India], July 4 : The coal sector has emerged as a top performer among India's eight core industries, achieving a growth rate of 10.2 per cent in May 2024.
This growth, as per provisional figures from the Index of Eight Core Industries (ICI) released by the Ministry of Commerce and Industry, underscores the sector's pivotal role in driving India's industrial expansion and energy security.
According to a press release by the Ministry of Coal, the ICI, which monitors the production performance of eight core industries--cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products, and steel--reported a combined index increase of 6.3 per cent for May 2024.
Among these, the coal sector has demonstrated the highest growth, reaching an index point of 184.7, up from 167.6 points in the same month last year.
This surge signifies a robust performance that has consistently outpaced other core industries over the past two financial years.
The coal sector's exceptional growth is attributed to a significant boost in coal production, which soared to 83.91 million tonnes in May 2024, read the press release.
This figure represents a 10.15 per cent increase compared to the previous year, highlighting the sector's enhanced capacity to meet the escalating demand from energy and manufacturing industries.
This uptick in production underscores the coal sector's critical contribution to the nation's energy supply chain and its role in supporting the overall industrial output.
The Ministry of Coal's relentless efforts and strategic initiatives have been instrumental in driving this growth. The sector's expansion aligns with the government's vision of "Atmanirbhar Bharat" (self-reliant India), reinforcing the country's commitment to achieving energy self-sufficiency and reducing dependence on imports, read the press release.
These initiatives not only bolster the coal industry's productivity but also contribute to the broader goal of sustainable industrial growth and energy security.
The coal sector's robust growth has had a significant impact on the overall industrial landscape. By contributing to the increase in the combined index of the eight core industries, the coal sector has played a crucial role in enhancing the nation's economic resilience and industrial competitiveness.
The continued growth of the coal industry is expected to support a wide range of economic activities, from power generation to industrial manufacturing, thereby fostering economic stability and growth.