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Downward trend in India's coal imports expected to continue

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Downward trend in India's coal imports expected to continue

India'scoal imports for the current fiscal year are projected to fall to 160.16million tonnes, the Press Trust ofIndia reported July 18, citing Power and Coal Minister Piyush Goyal.The number projected by NITI Aayog signifies an almost 20% drop from the 199.88million tonnes of coal imported in 2015-16.

Thefirst two months ofthe fiscal year posted a 5% cutback in coal imports, allowing the government tosave up to about 42.9 billion rupees equivalent of foreign exchange.

, which accountsfor 80% of the country's coal production, expects to produce one billion tonnesof the fossil fuel in 2019-20. In connection with its production goal, thecompany plans to construct raillines in Jharkhand, Odisha and Chhattisgarh, covering a distance of448.28 kilometers, to accommodate the evacuation of its coal.

As of July 15, US$1 isequivalent to 67.08 Indian rupees.