The Business Bytes
New Delhi, August 3, 2024 (TBB Bureau): The coal sector has achieved the highest growth rate of 14.8 per cent (provisional) among the eight core industries for June 2024, according to the latest Index of Eight Core Industries (ICI) released by the Union Ministry of Commerce & Industries. The index for the coal industry surged to 186.4 points in June 2024, up from 162.4 points during the same period last year. The cumulative index for the sector also saw a notable increase of 10.8 per cent from April to June 2024 compared to the corresponding period of the previous year.
The ICI, which tracks the combined and individual performance of eight core sectors including cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products, and steel, revealed a 4 per cent overall increase in June 2024 compared to the previous year. The coal sector’s exceptional growth significantly contributed to this overall industrial expansion.
Key factors driving this impressive growth include a substantial rise in coal production, which reached 84.71 million tonnes (provisional) in June 2024 — a remarkable 14.6 per cent increase from the previous year. This surge reflects the sector’s enhanced capability to cater to the increasing demands of the energy and manufacturing sectors.
The notable performance of the coal industry underscores its critical role in the broader industrial landscape and highlights its consistent outperformance relative to other core industries over the past two years. The growth in coal production not only signifies the sector’s robustness but also aligns with the Ministry of Coal’s ongoing efforts to bolster domestic production and achieve the vision of “Atmanirbhar Bharat” (self-reliant India).
