Coal India output to hit record 550 MnT in FY16

Increased output by Coal India has resulted in savings of about Rs.17,000 crore and the state-run miner is set for a record production of 550 million tonne (MT) this fiscal, a top official said. Coal India is the single largest producer of dry fuel in the world and the government has set a target of doubling its production to 1 billion tonne by 2020. Coal Secretary Anil Swarup said coal imports, which fell down to about 132 MT in April-December period of the current fiscal from about 155 MT in the same period a year ago, are likely to fall further on the back of increased output. ´Coal India is likely to hit a record production in the range of 540 MT to 550 MT in the current fiscal,´ Swarup said. He said the coal behemoth recorded an increase of about 32 MT in the last fiscal and has an ´incredible´ growth rate of 9.8 per cent.