DECEMBER - 20249TOP STORIESINDIA'S COAL PRODUCTION RISES 7.2 PERCENT YOY TO 90.62 MT IN NOVEMBERThe coal output from captive and other sources has demonstrated considerable improvement, climbing to 17.13 MT in November 2024, compared to 12.44 MT in November 2023, indicating a remarkable increase of 37.69 percent. In total, coal production for FY 2024-25 as of November 2024 was 628.03 MT, in contrast to 591.32 MT in the same timeframe of FY 2023-24, indicating an increase of 6.21 percent.Moreover, coal dispatches in November 2024 demonstrated consistent enhancement, attaining 85.22 MT, an increase from 82.07 MT in November 2023, signifying a growth of 3.85 percent. Reports from captive and other entities saw a significant rise, climbing to 16.58 MT in November 2024 from 13.19 MT in November 2023, indicating a remarkable growth of 25.73 percent.In total, coal dispatches for FY 2024-25 until November 2024 increased to 657.75 MT, up from 623.78 MT in the corresponding timeframe of the last fiscal year, reflecting a growth of 5.45 percent. These numbers are tentative, as per the release. On November 12, the ministry announced that coal imports for blending fell to 9.79 MT from 10.70 MT last year, reflecting a drop of 8.5 percent during this period.This drop highlights India's unwavering dedication to attaining self-sufficiency in coal production and lessening dependence on imports, according to the ministry. India, possessing the fifth-largest coal reserves globally, is the second-largest coal consumer, fueled by its swiftly expanding economy. IMRMANUFACTURING SECTOR POISED TO DRIVE 18 PERCENT OF GDP GROWTHThe manufacturing sector is expected to experience slight growth, making up 18 percent of the GDP, while the share of agriculture is forecasted to drop significantly to 10 percent. These modifications illustrate India's shift from an agrarian economy to one focused on services and manufacturing.This shift is also emphasized by trends in employment. It is projected that by 2047, over half of the workforce will be working in the services sector, compared to less than a quarter in 2000.On the other hand, it is expected that the percentage of employment in agriculture will decrease significantly from 59.4 per cent to 22 per cent. Manufacturing jobs are expected to increase from 10.9 percent in 2023 to 15 percent in 2047, offering potential for companies in industrial expansion and tech-based manufacturing.Small and medium-sized enterprises (MSMEs) have a great opportunity for growth by becoming formalized, adopting technology, and enhancing productivity, as they currently contribute 30 percent to GDP and 45 percent to exports.The government's focus on formalizing the industry opens up possibilities in financial services, skill development, and technology integration.FDI is expected to have a significant impact on India's economic evolution. The government's emphasis on gross fixed capital investment, along with ongoing business-friendly policies and incentives, is anticipated to lure foreign investors.This means that businesses can increase their opportunities in high-tech manufacturing, exports, and services. India is expected to see a substantial increase in its workforce, as employment is anticipated to reach 76.9 crore by 2047, fueled by a working-age population of 118.4 crore. IMR
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