India will stop importing thermal coal from financial year 2023-24, coal and mines minister Pralhad Joshi said. The minister said that ideas to transform Coal India into an integrated energy company by allowing it to set up pit-head thermal power station have also been mooted in Gujarat.
India’s annual electricity generation from coal-fired utilities fell in 2019 for the first time in a decade, government data showed, amid a broader economic slowdown and increased use of renewable energy.
Coal India has prepared an action plan to mine one billion tonnes of coal by 2023-24. Pralhad Joshi, Union minister for coal and mines, said that the action plan is being worked out to minimize coal imports and make the country self-sufficient in coal.
Moody’s Investors Service have revised its growth forecasts for India to 5.4% for 2020 and 5.8% for 2021, down from its previous projections of 6.6% and 6.7%, respectively.
Moody’s also revised its global growth projection, saying that the coronavirus outbreak has diminished optimism about prospects of an incipient stabilization of global growth this year. It expects G-20 economies to collectively grow 2.4% in 2020, followed by a pickup to 2.8% in 2021. It has reduced growth forecast for China to 5.2% in 2020 and 5.7% in 2021.
Coal India will increase spot e-auction offerings in the current quarter to 15% of the year’s production, a top company executive said. In the three quarters till end-December 2019, the company had offered about 12% of its production for auctions. Spot auction offers accounted for almost 46% of the quantity offered for auctions till December, while the rest was a mix of special forward e-auction for the power sector, exclusive e-auction for non-power and special e-auction. Till December, it had offered close to 46 MT through auctions, of which the booked quantity was 44 MT.