(MENAFN- Daily News Egypt) India's Ministry of Coal has announced a substantial increase in domestic coal production, which is prompting a strategic shift towards reducing coal imports. This move is part of a broader effort to enhance the country's energy security and support sectoral growth. The development was reported by ANI, a partner of TV BRICS .

In a recent press release, the Ministry of Coal highlighted that domestic coal production surged by 11.65% in the fiscal year 2023-24, underscoring the government's commitment to self-reliance. For the fiscal year 2024-25, the authorities have set an ambitious target of producing 1,080 million tonnes of coal. This goal aims to position India as a major competitor in the global coal market.

The plan to reduce imports is being spearheaded by a newly established inter-ministerial committee. This body is tasked with coordinating efforts across various ministries to implement measures that facilitate import substitution and promote exports. The committee will focus on identifying opportunities to replace imports with domestically produced coal and streamline export promotion initiatives.

These measures are expected to have a significant positive impact on India's economic growth. Increased domestic production is anticipated to generate revenue, create more jobs in the coal sector, and reinforce India's standing as a key player in the global market.

Overall, the initiative reflects a strategic pivot in India's energy policy, aligning with the country's broader goals of achieving greater self-sufficiency and economic resilience.

MENAFN06082024000153011029ID1108523593