New Delhi : Despite the setbacks to the Indian economy amidst the pandemic-induced global slowdown, the power industry has continued to stay resilient. A vast developing economy like India requires a large quantity of power with strong dependency on coal. This has brought crucial undertakings like Vedanta, EMIL, Adani coal project, etc. to the forefront.
Power demand in India has increased steadily over the years with energy requirements predicted to quadruple in the future. Given its availability and lower costs, coal has become the main source of power generation in India – almost 80% of power in India is generated by coal. This has put the spotlight on companies like Hindalco and Adani which have invested in coal projects.
Companies like Vedanta, Hindalco and Adani have undertaken coal projects, keeping in line with the government’s decision to decrease imports while increasing India’s coal production. The Centre has also insisted on thermal power plants using domestic coal for power generation. This will also boost production as well as contribute towards meeting energy requirements.
India’s demand for coal is rapidly increasing and expected to hit 1,123MT by 2023. The decision to open coal mines for commercial mining has served private players like Adani well as it picked up a few mines – Gondulpara in Jharkhand and Dhirauli, Madhya Pradesh. Production from these new mines and other Adani coal projects will definitely contribute to the country’s self-sufficiency.
Meeting India’s energy requirements takes the center stage as the country attempts to power through the pandemic. Power generation is the linchpin on which its future rests. All eyes will be on the power industry as well as sectors which bring undertakings like Adani coal project to the fore.