Fitch Ratings projects a 7% rise in India’s power sector demand for the fiscal year ending March 2024, driven by robust industrial activity. The agency anticipates high thermal power plant load factors due to strong demand, while coal imports are expected to be modest, with increased local supply meeting demand. The government aims to enhance coal production and allow power plants to blend more imported coal. Fitch notes a decline in coal inventory since August 2023 and emphasizes the importance of cost-effective storage and technology for India’s ambitious energy transition goals, including the commitment to 500 GW of non-fossil electricity capacity by 2030.