Coal Sector records growth of 10.2 per cent in January 2024, leads core industries expansion
Mar 08, 2024
New Delhi [India], March 8 : The coal sector has emerged as the frontrunner in driving industrial growth, achieving a remarkable growth rate of 10.2 per cent in January 2024, according to the latest data released by the Ministry of Commerce and Industries.
According to a press release by the Ministry of Coal, this growth, as per the Index of Eight Core Industries (ICI) (Base Year 2011-12), underscores the pivotal role played by the coal industry in propelling the nation's economic progress.
The Index of Eight Core Industries (ICI) measures the production performance of key sectors including cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products, and steel.
Among these, the coal sector has exhibited unparalleled growth, with its index reaching 218.9 points in January 2024, compared to 198.6 points during the corresponding period of the previous year.
Moreover, the cumulative index of the coal industry has witnessed a substantial increase of 12.2 per cent during April to January, 2023-24, over the same period in the previous fiscal year, read the press release.
The coal industry's robust performance has significantly contributed to the overall expansion of the eight core industries, with the Combined Index experiencing a notable 3.6 per cent increase in January 2024 compared to the previous year.
This underscores the coal sector's pivotal role in driving industrial growth and economic development.
The surge in coal production during January 2024, with output reaching an impressive 99.73 million tonnes, marks a remarkable increase of 10.20 per cent compared to the same period in the previous year, read the press release.
This surge reflects the sector's resilience and capacity to meet the escalating demands of energy and manufacturing industries.
The exceptional growth of the coal sector can be attributed to the Ministry of Coal's persistent efforts and proactive initiatives aimed at fostering industrial development, read the press release.
These endeavors align with the vision of "Atmanirbhar Bharat" and contribute significantly to the nation's progress towards self-sufficiency and energy security.
The coal sector's consistent double-digit growth over the past seven months stands as a testament to its resilience and pivotal role in driving India's economic growth trajectory.
