NITI Aayog's Push for Domestic Coking Coal: A Critical Shift in India's Mineral Strategy
India's NITI Aayog recommends including coking coal in critical minerals to enhance domestic production. Industry experts support this move vital for the steel industry. Policies encourage private sector through SPVs, exploration licenses, and investment in overseas resources. Domestic coal targets are ambitious with production set to rise significantly.
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In a pivotal move, Niti Aayog has proposed the inclusion of coking coal in the critical minerals list, a decision welcomed by industry figures. Pankaj K Satija, Chairman of the Indian Chamber of Commerce's National Expert Committee on Minerals and Metals, praised the recommendation, emphasizing its potential to bolster commercial mining ventures and stimulate new operational mines.
The policy think-tank aims to drive up the nation's domestic output of vital minerals, specifically coking coal, which is indispensable to the steel industry. Strategies include facilitating private sector involvement through Special Purpose Vehicles (SPV) and fresh exploration licenses. The policy also highlights the importance of investing in mineral-rich countries for exploration.
Satija highlighted the momentum in India's coal production driven by government efforts and coal companies. He noted the country's achievement of surpassing 1 billion tonnes of coal production and the goal set for Coal India Limited to reach 1 BT by 2026-27. To meet future demand and curb non-essential imports, the Coal Ministry expects domestic production to rise annually by 6-7%, aiming for 1.5 billion tonnes by 2029-30.
(With inputs from agencies.)
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