India’s energy future majorly dependent on coal mining

The value of coal as a fuel or power resource cannot be overestimated. It is reckoned as one of the most important indigenous energy resources and a dominant fuel for power generation in India. Mohit Aggarwal, the Chief Managing director of Aastha Minmet India Pvt ltd believes that the country’s energy future is majorly dependent on coal mining. It is likely to play a major role in India’s economic expansion.

As a matter of fact, coal is a major contributor to India’s industrial sector. It is an important element in the power, iron & steel sector and is used by alumina refineries, paper manufacturers, chemical and pharmaceutical industries as well. Coal mining is a major economic activity which contributes significantly to the economy of India. Apart from providing energy sources to the nation, it also creates long-term jobs that benefit an economy in the long run.

Aastha Minmet India Pvt ltd highlights that the Indian mining industry provides job opportunities to around 700,000 individuals. It contributes around 10% to 11% to the GDP of the total industrial sector. Even the mining done on a smaller scale contributes 6% to the entire cost of mineral production.

As per the economic impact studies from the U.S. Department of Commerce, a coal mine with 300 employees, such as the Carlisle Mine, indirectly creates an additional 3.88 times the amount of jobs it provides in the region.

Mohit Aggarwal, of Aastha Group states that India has witnessed a significant increase in its coal imports from 43.08 million metric tons in 2006-07 to 199.88 million metric tons in 2015-16. The exports further rose from 1.55 million metric tons in 2006-07 to 2.45 million metric tons in 2009-10, but subsequently declined to 1.25 million metric tons in 2015-16.

At present, the country has abundant domestic reserves of coal and ranks at 4th position in world coal production. Jharkhand leads in coal production and coal reserves in the country, with Orissa and Madhya Pradesh at the second and third position respectively. India also exports a substantial quantity of coal to the countries like Bangladesh, Sri Lanka, Pakistan, Australia, Myanmar, Japan, Hongkong and Malayasia. It boasts of being Australia’s fourth-largest coal export market.

A number of studies have highlighted that coal will continue to be the principal fuel for energy production for majority of the Asian countries. Thus, it is no exaggeration that coal is regarded as the black diamond by many.

Rutensha Varma

I've been in the online business for over five years. I started my career back in 2013 as a freelance contributor and feature writer for an Indian-based news publication. One of my primary goals is to undermine current issues and see the significant advantages society can gain from the various business move or momentum. Further, I am also a social activist, working closely with a group of peacekeepers, to keep and fight for freedom 24/7.

Share
Published by
Rutensha Varma

Recent Posts

Vision for Boosting Agricultural Productivity in India: A Focus on Soil Health and Technology

“The future of Indian agriculture depends on how well we can collaborate and innovate,” States…

1 month ago

Alok Kumar Agarwal of Alankit Discusses the Future of Sustainable Finance in India’s Financial Sector

Alok Kumar Agarwal, the former Managing Director of Alankit, emphasizes that sustainable finance is the…

3 months ago

IPL 2024 Kicks Off In Style: All-Star Teams Prepare to Play for the Cup

The popular sports league, which garners significant viewership from India and abroad, has initiated its…

9 months ago

Lok Sabha Elections 2024: India’s Future Awaits ‘Saath Phase Paar’

The total number of registered voters is more than the combined population of all European…

9 months ago

Scam 2024: The Electoral Bonds Scheme And Its Top Contributors Come to Light

Who paid whom, how much and WHY? These are the general questions that everyone asked…

9 months ago

Growing FinTech Sector in India: Key Players and Innovations with Alok Kumar Agarwal

Alok Kumar Agarwal states, “The Indian FinTech sector is not just growing; it is revolutionizing…

9 months ago