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The Ministry of Coal revealed that by February, India's coal public sector units (PSUs) had outperformed their capital expenditure (CAPEX) expectations, with a CAPEX of ₹22,448.24 crores, or 106.74% of the yearly target for the fiscal year 2023–24. This continues the trend of exceeding capex expectations, with coal PSUs displaying continuous year-on-year growth over the last three years.
These units reached roughly 109.24% of their capital expenditure target in the fiscal year 2022–2023, after rising 16.52% in 2020–2021, 12.48% in 2021–2022, and 19.05% in 2022–2023. "This sustained growth in investment underscores the coal sector's vital role in fueling India's economic dynamics," said the Ministry.
Additionally, the Ministry of Coal has significantly outperformed the government's asset monetization initiative, achieving ₹55,148.33 crore against a target of ₹50,118 crore for FY 2023-24 by February. This accomplishment contributes to nearly half of the total monetization under the Government of India’s plan in the past two fiscal years.
Procurement through the Government e-Marketplace (GeM) also saw remarkable achievements, with the ministry and its entities leading procurement among all central ministries and departments. Coal India Limited and its subsidiaries were noted as the top performers in GeM procurement among all central public sector enterprises as of March 2, 2024, reaching ₹88,518 crore in FY 2023-24, which is 415% of the target of ₹21,325 crore.
The ministry's performance has been recognized with several awards, including "Best Engagement" for the Ministry of Coal, "Rising Star" for Coal India Limited, and "Timely Payments (CPSEs)" for NLC India Limited, highlighting the coal sector's contribution to India's economic growth and public sector efficiency.
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