Coal India Ltd., the country's largest miner, is set to produce 1.25 billion tonnes of coal within the next four years, according to Amrit Lal Meena, India's coal secretary.

A draft note from Niti Aayog dated March 21, 2022, outlined plans to increase Coal India's production to one billion tonnes per annum by the financial year 2024-25.

In the current FY2023-24, Coal India has achieved 68% of its annual production target of 780 million tonnes. December saw a year-on-year growth of 8% to 71.9 million tonnes, bringing the total production for the first nine months of the fiscal to 531.9 million tonnes.

Meena is optimistic about the outlook that Coal India will meet both its onging fiscal output goal and the next fiscal target. Coal India had successfully achieved its FY2022-23 production target of 700 million tonnes on March 30, just one day before the end of the financial year.

Coal imports, as part of total consumption, dropped from 26% in 2019 to 21% in 2023, he added.

E-auctions contribute 15-18% of Coal India's overall volumes, but due to adequate coal supply, e-auction premiums have declined from 150% to 70%. Meena noted that Coal India's e-auction prices will be determined by market conditions.

(Writing by Riley Liang  Editing by Harry Huo)
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