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India to save Rs 30,000 crore in FY16 by cutting down coal imports

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  • This year, imports are already down by 16% resulting in savings of Rs 22,000 crore so far.
  • India will save Rs 30,000 crore in 2015-16 by cutting down on coal imports as domestic production has picked up.
  • The government is aiming to completely eliminate the import of the kind of coal that is available domestically.
  • Coal India, the state-run company that is the largest coal producer in the country, plans to double its production to 1 billion tonne by 2020.
  • It would have scaled up production to 550 million tonne which is likely to increase to 600 million tonne next year.
  • Typically, Indian coal is almost 40% cheaper than imported coal.
  • India has been importing coal as Coal India was unable to match growing demand.

Source:- India to save Rs 30,000 crore in FY16 by cutting down coal imports - The Economic Times
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