India has invested around ₹2 lakh crore in foreign exchange for coal imports at an average rate of about $200 per tonne in FY23. The import costs are escalating gradually, in the wake of high inflationary pressures globally. Additionally, the Russia-Ukraine crisis has increased the price of fossil fuels, which is pushing the Union government to ramp up domestic coal productions.
Output of domestic coal accelerating
In November, 2022 the output of the core sector in India expanded sharply at 5.4%, while coal accelerated by 12.3% YoY. Its cumulative index has expanded by 0.7% during April - November, 2022, compared to the same period in 2021.
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