Ministry of Coal exceeds expectations with performance in FY 2023-24
Ministry of Coal (MoC) has showcased exceptional performance in various key areas, surpassing targets and setting new benchmarks in the fiscal year 2023-24.
According to a press release by the Ministry of Coal, through robust initiatives and strategic planning, MoC and its associated Public Sector Undertakings (PSUs) have made significant strides in capital expenditure (CAPEX), asset monetization, and procurement through Government e-Marketplace (GeM).
MoC's CAPEX targets have witnessed a remarkable trend of overachievement in recent years. In the fiscal year 2023-24, MoC set a CAPEX target of Rs 21,030 Crore.
However, by February 2024, coal PSUs under MoC's administrative control have already exceeded this target, achieving a record CAPEX of Rs 22,448.24 Crore, which accounts for an impressive 106.74 per cent of the annual target.
This consistent growth in CAPEX investments by coal PSUs is indicative of their pivotal role in transforming the Indian economy.
The year-on-year growth in CAPEX by coal PSUs highlights their commitment to driving industrial growth, creating employment opportunities, and fostering long-lasting infrastructure development.
In alignment with the Government of India's ambitious Asset Monetization Programme, MoC has outperformed expectations. With a target of Rs 50,118 Crore for FY 2023-24, MoC has achieved an asset monetization of Rs 55,148.33 Crore by February 2024, surpassing its target and further solidifying its position as a frontrunner in asset monetization efforts.
Notably, MoC
