coal-psu-exceeds-capex-target-for-fy24-with-over-107-annual-growth

India's coal Public Sector Undertakings (PSUs) have once again outshone expectations by surpassing their annual capital expenditure (CAPEX) target for the fiscal year 2023-24 with an impressive growth rate of over 107%. This achievement marks the third consecutive year of consistent year-on-year growth in CAPEX for the coal sector.

 

According to data released by the Ministry of Coal, the CAPEX target for the fiscal year 2023-24 was set at 21,030 Crore. However, by February 2024, coal PSUs had already exceeded this target, recording a record CAPEX of Rs. 22,448.24 Crore, equivalent to 106.74% of the annual target. This remarkable feat underscores the efficiency and robustness of India's coal sector.

 

This stellar performance follows a similar trend observed in the previous fiscal year, 2022-23, where coal PSUs achieved approximately 109.24% of their CAPEX target. Such consistent year-on-year growth reflects the resilience and commitment of the coal industry to contribute significantly to India's economic growth trajectory.

 

Leading the charge in this remarkable achievement are Coal India Limited (CIL) and NLC India Limited (NLCIL), which are expected to further amplify their contributions, bolstering India's economic landscape.

 

The Ministry of Coal's accomplishments extend beyond CAPEX targets. On a cumulative basis for the fiscal years 2021-22 to 2022-23, the Ministry of Coal accounted for nearly half of the total monetization achieved under the Government of India’s Asset Monetization Plan, signifying a significant milestone in the country's economic agenda.

 

By the fiscal year 2023-24 until February 2024, the Ministry of Coal has already achieved its Asset Monetization Plan target, surpassing expectations and demonstrating its efficacy in driving economic growth.

 

The actual procurement through Government e-Marketplace (GeM) for the fiscal year 2023-24 stands at Rs. 88,518 crores as of 2nd March 2024, a staggering 415% of the target of Rs. 21,325 Crores.

 

The Ministry of Coal emerges as the frontrunner in overall procurement through GeM among all Central Ministries and Departments, with Coal India Limited (including subsidiaries) securing the top position in GeM procurement among all Central Public Sector Enterprises (CPSEs).