New Delhi: State-owned Coal India Limited's (CIL) priorities should be to ramp up production of coal and scale up supplies to reduce imports, Union Minister G Kishan Reddy has said.
CIL accounts for over 80 percent of domestic coal output. Speaking at CIL's 50th Foundation Day on Sunday, the minister stressed upon the importance of miners' welfare and the rehabilitation of communities affected by mine closures.
"Contractual workers play a significant role in Coal India's output, and I applaud the management's decision to implement Performance Linked Incentives for them, effective FY 2023-24," he was quoted as saying in a coal ministry statement.
The launch of commercial coal mining has led to transparency, ease of doing business and investment opportunities, helping open the coal sector.
Exuding confidence in CIL, he stated that the company has the competency and commitment to compete in the current open market scenario.
While coal will remain a central component of the country's energy landscape for the coming decades, India is also heavily investing in renewable energy and addressing climate change, the coal minister explained.
He commended CIL's diversification efforts, including setting up of a thermal power plant and foraying into critical mineral acquisition.
"In the Viksit Bharat initiative, Coal India has a vital role to play and it needs to shoulder this responsibility," he emphasised.
Coal Secretary Vikram Dev Dutt highlighted that CIL provides coal to Indian consumers at competitive rates compared to imported coal.
He added that coal stocks at power plants reached 31.6 MT as on October 28, 2024, as compared to 18.8 MT a year ago. This growth of 68 percent is largely attributed to the contribution of CIL.
Coal India, he said, should recalibrate its processes, operational and cost efficiency in accordance to the changing business dynamics.
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