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Cut in coal import may save Rs 40k cr this fiscal: Goyal

CIL output this fiscal stands at 598 MT
Last Updated 04 May 2016, 17:03 IST

 With Coal India’s (CIL) output for this fiscal being fixed at 598 million tonnes (MT), the government is aiming to save Rs 40,000 crore in foreign exchange on account of lower coal imports this year.

Helped by CIL, which accounts for over 80% of the domestic coal production, India reduced its import bill of the dry fuel by around Rs 28,000 crore, last fiscal.

“Last year (fiscal), we saved Rs 28,000 crore in foreign exchange. This year, we are targetting Rs 40,000 crore,” Coal and Power Minister Piyush Goyal said told reporters after the launch of the web portal on ‘Contract Labour Payment Management System’.

There is not a single coal-based power plant in the country which has critical coal stock position. The thermal power plants in the country have an average coal stock of 26-27 days. the minister added.

Coal Secretary Anil Swarup said that Coal India’s output for this fiscal is fixed at 598 million tonnes.

“Record coal production by CIL leads to reduction in import by 34.26 MT. Results in a saving of Rs 28,070 crore in foreign exchange during 2015-16,” Coal Secretary had earlier said in a tweet.

He had further tweeted, imports of the crucial natural resource came down by 27.4% to 15.54 MT in March, last fiscal, from 21.42 MT during March 2014-15.
In 2015-16, Coal India had achieved a production of 536 MT.

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(Published 04 May 2016, 17:03 IST)

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