Coal Ministry accounts for half of govt’s asset monetisation yield between FY23 & FY24

New Delhi: The Ministry of Coal accounted for nearly half of the government’s yield from asset monetisation between the years 2021-22 and 2022-23 by raising a cumulative total of Rs 97,283.60 crore. In a statement released on Saturday, the ministry said, “Ministry of Coal has outperformed in the Govt of India’s ambitious plan of monetizing underutilised assets in its Flagship programme of Asset Monetization started in FY 2021-22. In fact, cumulatively for FY 2021-22 to 2022-23 Ministry of Coal accounts for nearly half of the total monetization achieved under Government of India’s Asset Monetisation Plan.”

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Coal Ministry has overachieved asset monetisation targets for FY 2023-24

“Further in FY 2023-24, till February 2024 itself MoC has achieved its AMP Target. MoC has achieved Asset Monetization of Rs 55148.33 crore till Feburary 2024 against its target of Rs 50,118 crore,” said the ministry.

Coal PSUs have already surpassed capex target for FY 2023-24: Govt

“Coal PSUs, under the administrative control of the Ministry of Coal, have been at the forefront of doing CAPEX to assist and contribute in transforming the Indian economy. Over the past few years, Coal CPSEs have been over achieving the CAPEX target,” said the Coal Ministry.

In FY 21-22, Coal PSUs had achieved 104.86 percent of their capex target at Rs 19,656.42 crore. Similar performance was repeated in FY 2022-23 where coal PSUs achieved around 109.24 percent of its target at Rs 23,400.22 crore. There has been consistent YoY growth in CAPEX by Coal PSUs over the last three years, said the Coal Ministry.

“The Ministry of Coal’s CAPEX target for 2023-24 is 21,030 crore. By February 2024, coal PSUs have already surpassed the FY 2023-24 target by making a record capex of Rs 22,448.24 crore, i.e., 106.74 percent of the annual target. With major CAPEX investments materialising in the last two months of the fiscal year, it is anticipated that both CIL and NLCIL will add to their achievement, further bolstering India’s economic growth trajectory,” said the ministry.

CAPEX is one of the crucial components of the economic dynamics, which has a multiplier and trickle-down impact on the overall economy boosting consumption, demand and spurs industrial growth, creates employment and long-lasting infrastructure from which durable benefits accrue to the country over a long period of time.

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