Union Home Minister Amit Shah said India is moving towards reducing coal imports to zero, and the central government has set an ambitious target of one billion tonnes in annual production of coal by 2023-24.
India’s economy will spring back to normal sooner than expected and may even make a sharp recovery in the next financial year, top finance ministry officials said, dismissing forecasts of a sharp contraction in GDP in the current fiscal.
Demand for electricity in India will be lower by 7 to 17% due to covid-19 by 2025, according to a new report by TERI. All 10 of India’s largest power-consuming states will see a demand drop between 5 to 15%, it said.
According to Amitabh Kant, CEO, NITI Aayog, the government’s decision to open the coal sector for private sector participation in commercial coal mining and gasification corrects a historical anomaly. From employment generation to import bill reduction, privatisation of the coal sector will go a long way in transforming India’s growth trajectory.
India will have around 60% of its installed electricity generation capacity from clean sources by 2030, Power and New & Renewable Energy Minister R K Singh said. The minister also exuded confidence that the renewable energy capacity would touch 510 GW by 2030, including 60 GW of hydro power.
Western Coalfields Limited (WCL) has increased the production of coal to 57.6 million tonnes in fiscal year 2019-20 and provided it cheaply to government and private thermal power stations in Central, West and South India. The move has helped thermal power producers to reduce the rates of electricity supply to consumers, said WCL.