Coal import bill drops by Rs 28000 cr in FY16

New Delhi: Helped by a record coal production by the world's largest coal miner Coal India Ltd (CIL), India reduced its import bill of the dry fuel by more than Rs 28,000 crore in the last fiscal.Record coal production by CIL leads to a reduction in import by 34.26 million tonnes (MT). 
 
Results in a saving of Rs 28,070 crore in foreign exchange during 2015-16," Coal Secretary Anil Swarup said in a tweet. 
 
He further tweeted imports of the crucial natural resource came down by 27.4 percent from 21.42 MT during March 2014-15 to 15.54 MT in March 2015-16.
 
In 2015-16, the Maharatna achieved a record production of 536 MT, which was 42 MT more than the previous fiscal. 
 
Its production grew by 8.5 percent year-on-year. However, CIL which accounts for over 80 percent of the domestic coal production was eying 550 MT in 2015-16.

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