India’s coal stocks breached 100 million tonne (mt) as power demand weakened, leading to lower coal sales since the outbreak of the novel coronavirus.
Coal India officials said the company continues to produce around 2.5 mt of coal daily, but less than 2 mt was dispatched to the power sector in the past 15 days which led stocks to pile up drastically in its pitheads.
While the coal stocks in the Maharatna company peaked to around 60 mt, coal stocks in power plants rose to 41.41 mt, the highest ever inventory level in the country till date.
Coal India has postponed its annual stock measurement from April 1 to April 15, following advisory issued by the government and cancellation of train movement due to threat posed by outbreak of pandemic COVID-19.
Coal India (CIL) output peaked to a new high of 3.17 million tonne on March 20 the highest ever single day production so far overtaking the 3.14 million tonne production that the coal mining recorded on March 25, 2019.
The coronavirus pandemic and the resulting lockdowns on March 23, 2020 led a foreign brokerage to sharply cut India’s real GDP growth forecast for the next financial year starting April 1, to 4% from the 5.1% estimated earlier. In a note, UBS Securities said it expects India to clock a 4.8 % growth in FY20.
Out of the 14 identified focus sectors, 13 sector policies are being drafted with an addition of one Umbrella Policy 2020 for MSME, large and mega units. These sectoral policies provide for integrated development of various sectors to create business environment.