Power and Coal Minster Piyush Goyal on Monday said India would be able to stop its Coal Imports by the year 2017, thus saving foreign currency exchange in a large number.
“By 2017, India need not import coal, except for a few power plants on the coast where it is difficult to transport fuel. It will be the end of the era of shortages.” said Piyush Goyal in a Press conference organized by KPMG in New Delhi.
The minister did mentioned that India has imported 215 million tons of coal in past year, saying it to be a “Band-aid” approach for the energy problems in the past, he also shed light on India’s coal reserves which is third largest in the world.
Last week, Mr Goyal said he visualized state miner Coal India’s production doubling in the next five years.
“It (Coal India) will hopefully produce about 500 million tons this year. We’ll do a billion tons in 2019,” Mr Goyal said.
Referring to remark of Petroleum Minister Dharmendra Pradhan on Monday that agriculture in Odisha accounted for only two per cent of electricity consumption in the state, Mr Goyal said this was extremely unfortunate compared to the national average of around 20-25 per cent power use in agriculture.
“People of Odisha have been deprived of the fruits of coal in the state, as well as of development,” said Goyal.
Piyush Goyal addressing the CLSA India Forum in Delhi later on Monday 16th November said 250 million tons of coal washeries are in the pipeline.
Piyush Goyal referring to the financial restructuring package for distressed state distribution companies – Uday – approved by the Union Cabinet earlier this month, the minister said it would be a game changer.
The Coal Minister said “Uday will also help the banking and manufacturing sectors by reducing NPAs (non-performing assets) and lower power cost,” he further added that “Uday will save $30 billion every year by 2018-19.”
