During this period Coal India’s coal production increased from 478.12 million tonnes to 550.93 million tonnes. This is an increase of 15.23 percent. The government has said that this increase in production is helpful in meeting the demand for coal caused by additional electricity consumption.
The central government is acting accordingly by setting a target to increase coal production. The Coal Ministry has set a target of increasing coal production to 1.31 billion tonnes in 2024-25 and 1.5 billion tonnes in 2029-30. The Ministry of Coal is actively working with various central and state government agencies to increase coal mines and coal production.
Due to this the production of commercial coal mines in India is continuously increasing. On the other hand, the central government is also showing seriousness in the coal auction. The Ministry of Coal has launched the auction for Phase 6 and Phase 2 of Phase 5 commercial mines on November 3, 2022. There was a huge response among the industry and 96 bids were sought for 36 mines.
Many of them were participating in the auction for the first time. This interest among the bidders echoes the creative outlook towards the coal mining sector. More than one bid was sought for 27 mines after completion of technical evaluations. After this, the auction will be held again from February 27, 2023. It is to be noted that the sample auction for this auction was held on February 24.