Coal India Ltd (CIL) "needs to step up to a double digit growth rate from that of around 9 per cent achieved during 2015-16" to meet its targets, company Chairman Sutirtha Bhattacharya has said.
"Going forward, in order to meet the production targets, Coal India needs to step up to a double digit growth rate from that of around 9 per cent achieved during FY 2016...during the first four months of FY 2017, Coal India's production growth was more than 6 million tonnes (mt) over the same period last year," he said while addressing at the company's meeting.
In 2015-16, Coal India Ltd produced 536.51 mt of coal against a target of 550 mt and its off-take stood at 532.26 mt.
The company foresaw production of 908.10 mt in 2019-20 with a CAGR (Compound Annual Growth Rate) of 12.98 per cent with respect to 2014-15.
During 2016-17, the coal production target has been fixed at 598.61 mt with an annualised growth of about 11.6 per cent. In 2017-18, coal production is likely to be 660.7 mt with a growth of about 10.5 percent.
He said the estimated geological resource of Indian coal stood at 306.59 billion tonnes as on April 1, 2015.