New Delhi [India], February 21 : State-owned companies operating in the coal sector have made capital expenditure spending worth Rs 20,153 crore as of January 2023-24, marking 95.83 per cent achievement of the annual target.
The Ministry of Coal's capital expenditure target for 2023-24 is Rs 21,030 crore.
A capital expenditure, or capex, is used to set up long-term physical or fixed assets.
During the current fiscal year of 2023-24, both Coal India and NLC India are on track to exceed their capital expenditure targets yet again.
"With major capex investments materialising in the last two months of the fiscal year, it is anticipated that both CIL and NLCIL will exceed their annual capex targets, further bolstering India's economic growth trajectory," Ministry of Coal said.
Coal PSUs under the administrative control of the Ministry of Coal have been at the forefront of doing capital expenditure to assist and contribute in transforming the Indian economy.
Over the past few years, coal companies have been over achieving the capital expenditure target.
In 2021-22, CIL and NLCIL had achieved 104.88 per cent and 123.33 per cent, respectively, of their target. Similar performance was repeated in 2022-23 where both coal CPSEs achieved around 113 per cent of its target.
Meanwhile, the Ministry of Coal aims to produce 186.63 million tonne (MT) coal exclusively from captive or commercial coal mines during 2024-25.
Production will be further stepped up to 225.69 million tonne during 2025-26 and as per the present plans of the Ministry, production target from such mines will be touching 383.56 million tonne by 2029-30.
Coal production and dispatch from captive and commercial coal blocks attained a remarkable growth during the April-December 2023 period. The total coal production from captive and commercial coal mines during the period stood at 98 million tonne.
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