Published On : Sat, Nov 2nd, 2019

Coal India to produce 01 billion tonne of coal by FY 24

Minister of Coal & Mines, Shri Pralhad Joshi announces the target on 45th Coal India Foundation Day

New Delhi: Minister of Coal & Mines, Shri Shri Pralhad Joshi on Friday said state-run Coal India Limited (CIL) will produce the much coveted 01 billion tonne coal by Financial Year 2023-24 and the company has to produce 750 million tonnes of coal by the next fiscal i.e. 2020-21. He also said the company will offer around 08 thousand jobs in near future to boost the employment.

He directed CIL to make all necessary steps to achieve these goals in light of growing energy requirements of the nation and assured all possible support from the government and ministry of coal to achieve these goals. Shri Joshi was addressing 45th Foundation Day central celebration of the public-sector behemoth in Kolkata, where the company is headquarted.

“It is heartening to know that Coal India has planned for huge capital investments for its works and expansion programs along with brining in new technologies in its operations. The company will also be on hiring spree and I am hopeful that it will achieve all assigned goals on time.” the minister said.

He said that Power demand is rising so fast and steeply that there is enough opportunity for both government and private sectors to produce coal without adversely impacting each other. Referring, the central government’s recent decision of 100% FDI under automatic route in coal sector, as one of the much-needed structural reforms in the sector, he said the decision will minimize the volume of coal import that is denting the government exchequer and will help the nation get much amount of coal. He made it very clear that “FDI in coal” does not stand for “FDI in Coal India” and the government wants to strengthen Coal India. Moreover, he said, Due to FDI, there is scope for mutual learning as foreign companies – apart from providing appointment – will bring advanced coal mining technology and modern planning and management practices, which Coal India can imbibe. These companies on the other hand can learn about local conditions and the handling of various issues from Indian coal companies. Hence, the fear of domestic players and labour unions are misplaced.

Besides, He urged Coal India to get associated with central government’s Jal Shakti Abhiyan to conserve water and provide treated mine water to the populace living in and around coal mining areas. On the Prime Minister’s call for eradication of Tuberculosis (TB) from India by 2025, the minister appealed Coal India to eradicate TB in and around coal mining areas in 08 states of the country by 2024 under its Corporate Social Responsibility (CSR) programs.

CMD Coal India Shri Anil Kumar Jha along with senior officials and trade union leaders were present in the function.

The minister also hailed steps made by the central government in last five years to take the coal sector to new heights. Introduction of e-auction for allocation of captive coal blocks, Scheme for Harnessing and Allocating Koyala Transparently in India (SHAKTI), Third party sampling of coal, regradation of coal mines in India were named as some key milestones.

Notably, as a producer of around 82% of the country’s coal output, Coal India is the world’s largest coal company under Ministry of Coal, Government of India. The company has to produce 660 million tonnes of coal in the current fiscal. The company came into being in November 1975 with a modest production of 79 millon tonnes and rose up to 607 million tonnes at the end of the last financial year 2018-19.