After paying over Rs 2 lakh crore on account of oil bonds taken, now reports reveal that India saved Rs 1 Lakh crore in Coal Import Bill in last 4 years

In yet another feather in the crown of the Modi government, India has saved over Rs 1 lakh crore in coal import bill over the last four years as shipments brought in by the power sector – accounting for 76% of demand – came down steadily on the back of rising domestic production and improved quality control. This great news has been revealed by an internal assessment paper of the coal ministry.

An analysis had said “The rapidly growing trend of coal import between 2009-10 and 2014-15 was arrested by increased domestic production and thus the projected import of 380 MT was checked at around 200 MT without compromising the demand of a growing economy. This not only enhanced the country’s energy security, but also resulted into avoidance of extra expenditure in import bill”.

The analysis also observed that the recent uptick in imports is driven by nearly 6% annual growth in coking coal shipments brought in by cement and steel industries.

The Modi government is not just repaying the debts done by the Congress-led UPA government but it’s also saving money for the nation in all possible ways. Recently, reports had said that India had repaid a loan of Rs 2 lakh crore along with the interest of Rs 70,000 crore to Iran. Now the report of India saving Rs 1 lakh crore has convinced that the Modi government is working for the nation’s upliftment in all possible ways.

The Indian coal has transformed itself in a lot of ways in the recent days:

Recently the coal ministry along with Coal India and Singareni Collieries brought 70,000-odd coal contract workers under the ambit of the Coal Mines Provident Fund Organisation (CMPFO).

A report had also said India’s thermal coal import is likely to increase to 145 million tonnes (MT) in 2018, and this positive trend would continue for the years to come.

Source:Times Of India

Hansika Raj