India's First Coal Exchange Set to Revolutionize Commodity Trade

India is set to establish its first coal exchange, aimed at facilitating smoother trade between sellers and buyers. The online platform will enhance market accessibility and the trading process. With the Cabinet's final approval, the exchange will be supervised by the Coal Controller Organisation.

India is poised to revolutionize its coal industry with the planned launch of its first coal exchange. Union Minister G Kishan Reddy, speaking on Monday, announced the imminent establishment of this new trading platform, designed to facilitate transactions between coal sellers and buyers.

The proposal, already included in the coal ministry's 2024-25 action plan, aims to create an online interface complete with a clearing and settlement mechanism to ensure easy access to coal. The Cabinet has already circulated draft notes for inter-ministerial consultations, with the final approval granted by the minister.

The Coal Controller Organisation will oversee the operations of the Coal Exchange, ensuring it runs smoothly. Additionally, India is prepared to import coking coal from Russia, should the need arise, according to Minister Reddy.

(With inputs from agencies.)