'Reforms Worked for India— Will Work for Coal Too'

India’s journey has been marked by a series of reforms and structural transformations that have significantly strengthened its resilience against crises—economic, financial, and social. From the global financial meltdown of 2008 to the more recent COVID-19 pandemic, India has demonstrated an ability to withstand shocks better than many comparable economies. This resilience is not accidental but rooted in deliberate policy choices, institutional reforms, and adaptive governance.

Recall the watershed moment of India’s economic history, the 1991 economic liberalization reforms, which was triggered by a balance of payments crisis. The reforms introduced under then Finance Minister Manmohan Singh dismantled the License Raj, reduced trade barriers, encouraged foreign investment, and strengthened financial institutions.

Likewise, during the 2008 Global Financial Crisis, while many advanced economies plunged into deep recession, India was relatively less affected mainly due to the introduction of fiscal stimulus packages (tax cuts, increased public spending) and Monetary easing (interest rate cuts) measures, which were also a kind of reforms in than existing system.

If we take the recent example of Covid-19 crisis, then too India rebounded quickly despite a contraction in 2020 mainly due to ‘Digital transformation’ like JAM Trinity (Jan Dhan-Aadhaar-Mobile), which enabled direct benefit transfers and introduction of ‘Structural reforms’ such as Atmanirbhar Bharat Abhiyan, which boosted domestic production.

Similarly, India has been able to withstand multiple banking crises, particularly the Non-Performing Assets (NPA) crisis in the mid-2010s due to introduction of some key reforms like introduction of Insolvency and Bankruptcy Code, recapitalization of public sector banks and strengthening of regulatory oversight.

The implementation of the Goods and Services Tax (GST) - a Structural Tax Reform in 2017 not only unified India’s fragmented tax system but improved tax compliance and revenue stability and helped in better tracking of economic activity.

Such examples are so exhaustive to be deliberated all here. The crux of the lesson from all these examples is that India’s ability to withstand crises stems from a combination of prudent regulation, structural reforms, digital transformation, and inclusive policies. Each crisis has acted as both a challenge and an opportunity, prompting further reforms that strengthen the system. While vulnerabilities remain but the trajectory of reforms keep a nation increasingly equipped to handle shocks. These examples demonstrates that resilience is built not overnight but through sustained and adaptive Reforms & transformation.

Just as reforms and transformation have safeguarded India during major crises, the future survival and transformation of the coal sector also depends on similar reform-oriented thinking as India’s coal sector—dominated by Coal India Limited—is currently facing a multi-dimensional crisis  - be it global shift toward renewables to combat climate change leading to declining long-term demand outlook for coal; lag in technological adoption compared to global standards, Supply Chain Disruptions or global conflicts affecting energy markets, etc.

Drawing parallels with broader economic resilience, the coal sector requires deep structural reforms and transformation and not the temporary fixes. There is an urgent need to implement multi-pronged reforms - Technological Transformation, Institutional and Policy Reforms, Commercial auction Reforms, Diversification policy Reforms, Just Transition Framework reforms, so on and so forth….as without such continuous reform momentum, the coal sector may not sustain the ongoing and future challenges and shocks.

Thus, just as reforms & Transformation have repeatedly saved India in times of crisis, they remain the only viable path to secure the future of its coal sector in a rapidly transforming global energy landscape. Hence, we are really very thankful to the Chairman, CIL who has very aptly declared 2026 as the “Year of Reforms and Transformation”, recognizing that Coal India Limited stands at a historic inflection point. The coal sector is no longer insulated by monopoly structures or legacy protections but stands at a critical crossroads, shaped by four converging yet contrasting imperatives: meeting the nation’s ever growing energy demand, realizing the vision of Viksit Bharat by 2047, achieving Net Zero status by 2070, and managing a just and responsible transition away from coal.

In line with the dreams of our respected CEO, we all are eager to see a sea-change transformation in our esteemed organization CIL & its subsidiaries in the coming days. However, this is only possible if we make a call for structural, institutional as well as process reforms and align our individual’s energy with our organizational vision.  So, without lapsing time, let’s, rise together, build a Nexus of Good and become the energy that reform, and transform the destiny of our esteemed organization.

Thank you All !