Coal Ministry Exceeds 2023-24 Fiscal Expectations In Performance
The Ministry of Coal has showcased remarkable accomplishments in various significant domains, surpassing targets and setting fresh benchmarks in the financial year 2023-24.
According to a statement released by the Ministry of Coal, the MoC and its affiliated Public Sector Undertakings (PSUs) have achieved notable progress in capital expenditure (CAPEX), asset monetization, and procurement through the Government e-Marketplace (GeM) as a result of strong initiatives and careful planning.
The Ministry of Commerce's capital expenditure (CAPEX) goals have consistently exceeded expectations in the past few years. In the fiscal year 2023-24, the Ministry set a CAPEX target of Rs 21,030 Crore, which was accomplished successfully.
In February 2024, the coal public sector undertakings (PSUs) under the administrative control of the Ministry of Coal (MoC) have surpassed the set target by achieving a remarkable capital expenditure (CAPEX) of Rs 22,448.24 Crore. This amount represents an impressive 106.74 percent of the annual target.
The continuous increase in capital expenditure investments by coal public sector undertakings (PSUs) demonstrates their crucial contribution to the transformation of the Indian economy.
The increase in capital expenditure (CAPEX) by coal public sector undertakings (PSUs) from one year to another demonstrates their dedication to promoting industrial expansion, generating job prospects, and facilitating sustainable infrastructure development.
MoC has exceeded expectations in line with the ambitious Asset Monetization Programme of the Government of India. The target for FY 2023-24 was set at Rs 50,118 Crore, but MoC has managed to achieve an asset monetization of Rs 55,148.33 Crore by February 2024, surpassing its target and reinforcing its leading position in asset monetization endeavors.
It is worth mentioning that MoC has contributed to almost 50% of the overall monetization accomplished through the government's Asset Monetization Plan between FY 2021-22 and 2022-23.
The Ministry of Commerce (MoC) has shown great success in procurement by effectively utilizing the Government e-Marketplace (GeM), which is a digital platform for procurement activities.
The Ministry of Commerce has achieved remarkable procurement through GeM for the fiscal year 2023-24. As of March 2, 2024, the actual procurement amount has reached an impressive Rs. 88,518 Crore, surpassing the target of Rs. 21,325 Crore by a staggering 415 percent.
This accomplishment positions MoC as a leader in procurement activities among all central ministries and departments.
Coal India Limited (CIL), along with its subsidiary companies, has achieved the highest ranking in GeM procurement among all Central Public Sector Enterprises (CPSEs), which further emphasizes the Ministry of Coal's dedication to effective procurement methods.
The Ministry of Coal, along with Coal India Limited (CIL) and NLC India Limited, has been honored with prestigious awards for their outstanding achievements. MoC has received the esteemed Best Engagement award, CIL has been recognized as a Rising Star, and NLC India Limited has been conferred with the Timely Payments (CPSEs) recognition.
