India saved about $8 billion as coal import dependence declined in 2024-25: Govt

New Delhi [India], May 27 (ANI): India's coal imports fell by 7.9 per cent, totalling 243.62 million tonnes (MT), compared to 264.53 MT during the just-concluded financial year 2024-25, the Ministry of Coal said in a statement Tuesday.
This reduction resulted in foreign exchange savings of approximately USD 7.93 billion (Rs 60,681.67 crore), the coal ministry said.
Notably, the Non-Regulated Sector, excluding the power sector, experienced a more significant decline, with imports dropping by 8.95 per cent year-on-year.
Although coal-based power generation grew by 3.04 per cent in 2024-25 compared to the previous fiscal year, imports for blending by thermal power plants sharply decreased by 41.4 per cent.
"This highlights India's ongoing efforts to reduce its dependence on imported coal and enhance self-sufficiency in coal production," said the ministry.
The Government of India has implemented several initiatives, including commercial coal mining and mission coking coal, to enhance domestic coal production and reduce imports.
These efforts have also led to an encouraging 5 per cent growth in coal output during 2024-25 compared to 2023-24.
India's coal sector plays a pivotal role in supporting its rapidly growing economy, with coal serving as a primary energy source for critical industries like power, steel, cement, etc.
However, the country faces a significant challenge in meeting its domestic coal demand, especially for coking coal and high-grade thermal coal, which are in short supply within the country's reserves.
As a result, coal imports have been vital to meet the needs of key sectors, including steel.
"The Ministry of Coal has been implementing strategic measures to strengthen domestic production and ensure a secure coal supply, aligning with India's goals of reducing coal imports and enhancing energy security. By prioritising domestic coal output, the government aims to march ahead towards the Viksit Bharat goal by building a self-reliant, sustainable energy framework that supports long-term economic growth," the Coal Ministry added. (ANI)