Coal PSU surpasses CAPEX target of FY24 by achieving over 107 percent annual growth

by Psu Connect
Date: 09-03-24

Coal PSUs, a part of the Coal Ministry have been achieving exceptional CAPEX growth to assist and contribute to transforming the Indian economy. In FY 21-22, Coal PSUs had achieved 104.86% of their target.

Coal PSU surpasses CAPEX target of FY24 by achieving over 107 percent annual growth

New Delhi: The same performance was repeated in FY 2022-23 where coal PSUs achieved around 109.24% of its target. There has been consistent YoY growth in CAPEX by Coal PSUs for over the last 3 years.

The Ministry of Coal's CAPEX target for 2023-24 is 21,030 Crore. By Feb 2024, coal PSUs have already surpassed the FY 2023-24 target by making record capex standing at Rs. 22448.24 Cr i.e. 106.74% of the annual target. Soon, it is anticipated that both CIL and NLCIL will multiply their achievement, further bolstering India's economic growth trajectory.

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In fact, on a cumulative basis for FY 2021-22 to 2022-23, the Ministry of Coal accounts for nearly half of the total monetization achieved under the Government of India’s Asset Monetization Plan which itself is a big achievement. Furthermore, by FY 2023-24 till February 2024, MoC has achieved its AMP Target of Rs. 55148.33 Cr till February 2024 against its target of Rs. 50118 Cr.

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For FY 2023-24, the actual procurement through GeM is Rs 88,518 crores (till 02 March 2024) which is 415% of the target of Rs 21,325 Crores. Ministry of Coal is at the first position in the overall procurement through GeM among all the Central Ministry / Departments and Coal India Limited (including subsidiaries) is at the top position in GeM procurement among all CPSEs.

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