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India plans to cut coal imports

The Ministry of Coal is devising strategies to trim imported coal by one third over the next five years. With this, India’s imports will come down to under 150 million tons by the year ending March 2024 from the 235.2 million tons recorded last year. The 2nd largest coal buyer in the world, India’s coal imports are seen declining owing to an increase in domestic production and a jump in renewable output. For this, the government owned Coal India Ltd. plans to hike its annual output to 880 million tons by fiscal year 2024. The imports would be dominated by coking coal purchases by steelmakers. Further, it is stated that power stations are the major consumers of coal.