PSU NEWS
Ramped up Coal India output saves Rs 25900 crore in forex
KOLKATA: Increased coal production by Coal India in the past three years has substituted coal imports significantly with local produce, resulting in foreign-exchange savings worth Rs 25,900 crore.
At the company’s 43rd annual general meeting, interim chairman Gopal Singh said imports accounted for 25 per cent of the total coal supply in 2015-16, and 23 per cent in 2016-17.
“Energy accounts for around a quarter of the total value of imports in India, making it imperative for the government to fulfil energy needs of the country independently in a sustainable manner,” he said, adding, “coal production has increased substantially in the last three years, resulting in reduction in imports and foreign-exchange savings of Rs 25,900 crore”.
During 2014-15, the company’s coal dispatches stood at 490 million tonnes (mt), which increased to 535 mt in the next financial year, rising further by 1.5 per cent to 543 mt in 2016-17.
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