Ministry of Coal exceeds expectations with performance in FY 2023-24

New Delhi [India], March 9 (ANI): The Ministry of Coal (MoC) has showcased exceptional performance in various key areas, surpassing targets and setting new benchmarks in the fiscal year 2023-24.
According to a press release by the Ministry of Coal, through robust initiatives and strategic planning, MoC and its associated Public Sector Undertakings (PSUs) have made significant strides in capital expenditure (CAPEX), asset monetization, and procurement through Government e-Marketplace (GeM).
MoC's CAPEX targets have witnessed a remarkable trend of overachievement in recent years. In the fiscal year 2023-24, MoC set a CAPEX target of Rs 21,030 Crore.
However, by February 2024, coal PSUs under MoC's administrative control have already exceeded this target, achieving a record CAPEX of Rs 22,448.24 Crore, which accounts for an impressive 106.74 per cent of the annual target.
This consistent growth in CAPEX investments by coal PSUs is indicative of their pivotal role in transforming the Indian economy.
The year-on-year growth in CAPEX by coal PSUs highlights their commitment to driving industrial growth, creating employment opportunities, and fostering long-lasting infrastructure development.
In alignment with the Government of India's ambitious Asset Monetization Programme, MoC has outperformed expectations. With a target of Rs 50,118 Crore for FY 2023-24, MoC has achieved an asset monetization of Rs 55,148.33 Crore by February 2024, surpassing its target and further solidifying its position as a frontrunner in asset monetization efforts.
Notably, MoC has accounted for nearly half of the total monetization achieved under the government's Asset Monetization Plan from FY 2021-22 to 2022-23.
MoC has excelled in procurement through the Government e-Marketplace (GeM), demonstrating efficient utilization of digital platforms for procurement activities.
For FY 2023-24, MoC's actual procurement through GeM stands at an impressive Rs. 88,518 Crore as of March 2, 2024, surpassing the target of Rs 21,325 Crore by an astounding 415 per cent.
This achievement places MoC at the forefront of procurement activities among all central ministries and departments.
Coal India Limited (CIL), including its subsidiaries, has secured the top position in GeM procurement among all CPSEs, further highlighting MoC's commitment to efficient procurement practices.
MoC, along with CIL and NLC India Limited, has received prestigious awards for its exemplary performance. These include the "Best Engagement" award bestowed upon MoC, the "Rising Star" accolade awarded to Coal India Limited, and the "Timely Payments (CPSEs)" recognition conferred upon NLC India Limited. (ANI)