NEW DELHI | Feb 23, 2016: President Pranab Mukherjee today said the stress to augment output of dry fuel has led to a record 9.8 per cent growth in CIL's coal production, resulting in reduction in imports of the fossil fuel.

Addressing the joint sitting of Parliament, he said the government has introduced dynamic and comprehensive reforms in coal sector and conducted transparent auction or allocation of over 70 coal blocks.

"These will immensely benefit the eastern states in the years to come," he said.

"Strong emphasis on increasing coal production has resulted in a record 9.8 per cent growth in CIL's (Coal India) coal production and highest ever output of coal. This has also led to reduced imports of coal," Mukherjee said.

It is estimated that Rs 3.44 lakh crore of likely revenue to states through coal mines auctions and allotments over 30 years from the three rounds of auction which has been held so far, the coal ministry earlier said.

Coal India, which accounts for over 80 per cent of the domestic coal production is eyeing one billion tonnes of coal production by 2020.

The government has set a target of 550 million tonnes for the coal PSU in the coming fiscal.

Country's coal imports fell for the seventh straight month in January.

Coal Secretary Anil Swarup had earlier said in a tweet that "Coal import comes down further in Jan 16. Down by 28.6% over Jan 15 from 22.16 MT to 16.11 MT."

"Coal import comes down to 148.86 MT from 177.96 MT during April-Jan. Down by 16.35%," he said in another tweet, adding that "In value terms, coal imports come down from Rs 89,075 cr to Rs 66,778 cr. during April-Jan. Down by 25%."

India imported 212.103 MT of dry fuel worth over Rs 1 lakh crore in the last fiscal.

(Source: http://economictimes.indiatimes.com/)