COAL
- ECONOMY
News:
Coal Imports Will Stop By
FY25, That's Modi Government's Guarantee: Prahlad Joshi
What's
in the news?
●
India
will become self-sufficient in thermal coal in the next financial year
as domestic production is set to top a billion tonnes and will rise further to
meet future demand, coal and mines.
Key
takeaways:
●
The coal ministry has a target of
producing 1.4 bt of coal by 2027 and 1.5 bt by 2030, keeping in view additional
demand of 400 mt.
Coal:
●
Coal is one of the essential sources of
energy in the world.
●
It supplies about a quarter of the world’s
primary energy and two-fifths of its electricity.
●
Coal is used to generate electricity,
produce heat, and manufacture products.
India
and Coal:
●
India has the fifth-largest coal reserves in the world.
●
India is the second-largest producer of coal in the world, after
China.
●
Its own coal production will surpass a
billion tonnes by 2025, the annual report of the International Energy Agency
(IEA).
Findings
of IEA Report:
●
India’s coal consumption has doubled
since 2007 at an annual growth rate of 6 percent.
●
India
and China, are also the only two countries globally where there has been an
uptick in investment in coal mine assets.
●
This is because domestic production has
been ramped up in both countries to reduce external reliance.
India’s
Coal Demand:
●
India’s demand for coal has risen to
784.6 million tonnes for the financial year ending March 2023.
Global
Coal Reserves:
- USA
- Russia
- Australia
- China
- India
Global
Coal Exporting Countries:
- Australia
- Indonesia
- Russia
- USA
- South
Africa
Global
Coal Importing Countries:
- China
- India
- Japan
- South
Korea
- Taiwan