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| Govt misses July coal production targets |
| Bloomberg / Aug 31, 2010, 00:08 IST |
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India’s coal production fell short of the government’s target by about 5 percent in the April-July period even as the economy was poised to grow at the fastest pace in two-and-half years.
Output in the April-July period was 156.7 million tonnes, short of the 164.6 million official target, according to a note by mjunction Services, a trader backed by Tata Steel and Steel Authority of India Ltd. Production rose from 155.4 million tonnes a year earlier.
India needs to double the pace of growth in power-station coal supply to help drive the country’s economic expansion, Credit Suisse Group AG said in July in a note. Supplies should grow as much as 11 percent from an average of five-six per cent to support expansion in gross domestic product of as much as 10 per cent, the bank said.
Output in July at 37.8 million tonnes was higher than 36.2 million a year earlier while falling short of a targeted 39.95 million, mjunction said.
Gross domestic product rose 8.8 percent in the three months ended June 30 from a year earlier, according to the median of 27 forecasts in a Bloomberg News survey. The statistics office is scheduled to release the data tomorrow at 11 am in New Delhi. Thermal capacity additions by India’s power utilities of 1,223 megawatts in July fell short of the 1,998-megawatt target. Indian power plants imported 1.53 million tons of coal in July compared with a 2.92 million-ton target, mjunction said.
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