Business

Minister Emphasizes Reducing Coal Imports and Increasing Domestic Production

Published

1 year ago

February 9, 2025

The government has emphasized that minimizing coal imports while boosting domestic production is crucial, as the coal industry is foundational to India’s energy security and a driving force behind the nation’s industrial and economic advancement. With the fifth-largest geological coal reserves globally and being the second-largest consumer, coal remains a critical energy source, contributing to 55 percent of India’s energy mix.

Approximately 74 percent of India’s electricity generation depends on thermal power plants (TPPs), underscoring the necessity for a strong and sustainable coal sector, according to G Kishan Reddy, the Union Minister of Coal and Mines. The minister further noted, “The coal ministry is on track to achieve ‘Atmanirbharta’ in the industry.”

Efforts to reduce reliance on imported coal have shown promising results. From April to November 2024, coal imports decreased by 5.35 percent, yielding savings of around $3.91 billion (Rs 30,007.26 crore). Particularly, imports for blending at domestic power plants dropped by 23.56 percent.

The Ministry’s ‘Mission Coking Coal’ aims to enhance domestic coking coal production to 140 million tonnes (MT) by FY 2029-30, thereby curtailing import dependence in the steel sector. In FY 2023-24, coal production hit a record high of 997.82 MT, a significant increase from 609.18 MT in FY 2014-15, exhibiting a Compound Annual Growth Rate (CAGR) of 5.64 percent over the past decade. This year alone, production has jumped by 11.71 percent compared to the previous year.

As of January, the Ministry of Coal has allocated 184 mines, with 65 blocks receiving Mine Opening Permissions. Coal output from these blocks has reached 136.59 MT, reflecting a remarkable 34.20 percent increase year-on-year. Expectations are for this figure to surpass the 170 MT target in FY 2024-25.

Among the eight core industries, coal has shown the highest growth rate, achieving a 5.3 percent increase in December 2024 compared to the previous year. Furthermore, the coal sector contributes approximately 50 percent to freight revenue for Indian Railways and employs nearly 478,000 individuals directly, as per the ministry’s report.

Business

Good News for Milk Producers in Chikkaballapur – 50 Paise Increase per Litre

Published

3 days ago

March 8, 2026

Namma Kudla

Chikkaballapur: The Chikkaballapur Milk Union (Chimul) has announced good news for milk producers in Chikkaballapur district. The union has decided to increase the milk procurement price by 50 paise per litre, which will benefit dairy farmers in the district.

Earlier, on January 1, Chimul had increased the price by Rs.1 per litre as a New Year benefit to farmers. Now, the union has announced an additional 50 paise increase.

With this latest revision, dairy farmers will receive Rs.36.40 per litre for milk. The 50 paise increase will remain in effect until the end of May.

Chimul President Manjunath Reddy told Public TV that the union will review its profits and may continue the price increase in the future based on financial performance.

The decision is expected to provide some relief and encouragement to dairy farmers in Chikkaballapur district.

Business

Key Rules for Transferring Inherited Property

Published

3 weeks ago

February 15, 2026

Namma Kudla

Business : After the death of parents, legal heirs are eligible to inherit their property. However, certain procedures must be followed before the transfer is completed in India.

Heirs must file the deceased person’s income tax return for the year of death and pay any pending taxes. There is no estate tax on inherited property in India, but any income earned from it, such as rent or interest, is taxable.

If the property is sold, capital gains tax will apply based on the difference between the original purchase price and the selling price. Clearing any outstanding loans linked to the property is also mandatory.

Important documents such as the will, succession certificate, death certificate, and property valuation report should be kept ready to ensure a smooth transfer process.

Business

Does Bank Open Or close on February 14 in India?

Published

4 weeks ago

February 13, 2026

Namma Kudla

New Delhi: Banks across India will remain closed on February 14 as it falls on the second Saturday of the month. The holiday is part of the official schedule released by the Reserve Bank of India, which requires banks to shut on the second and fourth Saturdays and all Sundays.

Customers are advised to finish important financial tasks early to avoid last-minute trouble. Every year, the RBI publishes a holiday calendar that lists national holidays, regional festivals, and other scheduled closures.

In February, banks in some states will also close for regional occasions such as the birth anniversary of Chhatrapati Shivaji Maharaj and Statehood Day in Mizoram and Arunachal Pradesh.

Even though bank branches will remain closed, digital services like ATMs, internet banking, and UPI will continue to work normally.