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India’s coal sector investment is predicted to surge by almost 10% YoY to around $15 billion, or roughly ₹1.25-lakh crore, in the current calendar year as the country gets ready to meet demand due to increasing electricity consumption and expanding industrial base.
The International Energy Agency (IEA) predicts, investments in the coal industry by the world’s second largest producer and consumer has been growing consistently since 2021 with the annual rate of growth in investments expected to double in 2024 compared to 2023.
The agency in its world energy investment report 2024 anticipates that efforts by the world’s third largest energy consumer to ramp up coal production will fall short of meeting the demand for the critical commodity with reliance on imports increasing.
Aided by an expanding industrial and commercial base, as well as growing electricity consumption, which is appreciating at about 10% annually, India’s appetite for coal has risen substantially in the past decade.
Also Read : Stainless steel production surged by 4.6% y/y globally in 2023 India’s iron ore exports hit three-year peak in FY 2023-24
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