Mumbai: India's coal demand is likely to touch 1.6 billion tonnes per annum by 2030, a top government official said on Friday, underlining the need for transparent and market-driven pricing for the commodity.Speaking at the Global Commodities Conclave here, Union Coal Secretary Vikram Dev Dutt said that the setting up of the 'coal exchange', a government-established platform designed to work as an independent marketplace will be of help.He said in each of the last two fiscal years, domestic coal production has crossed 1 billion metric tonnes and the demand is continuing to grow as the commodity is a mainstay of energy needs.Also Read: Govt plans to set up critical minerals processing parks across 4 states"Coal demand is projected to rise further to an estimated 1.6 billion tonnes by 2030," Dutt said, adding that we are at an "inflection point" where we are shifting from a scarcity scenario to one of surplus.Such a shift underscores the need for "more efficient, transparent and market driven mechanisms for coal trade", he said, pointing out that till now the state-run Coal India has enjoyed a virtual "monopoly"."While this model did serve its purpose for the time that it was designed, it does not fully reflect the competitive, transparent and efficient price discovery that a market of India's scale and India's maturity deserves," he added.Also Read: Could Germany run some of its coal-fired power plants longer?The coal exchanges will provide commercial and captive miners ready and transparent access to a wider market, wherein buyers and sellers can bid simultaneously enabling efficient, competitive, and market-driven price discovery, he said.The government plans to operationalise the coal exchange concept in "the months ahead", he said, without sharing affirm timeline.The exchange will function as a central counterparty for clearing and settlement thereby improving risk management for both buyers and seller, he said, adding that it can also help lay the foundation for a derivatives market for coal over a period of time.Coal exchange is a reform that reflects the government's commitment to enable and enhance ease of doing business, promote transparency and build a modern self-reliant energy ecosystem, Dutt said, hoping that it will strengthen India's energy security, support industrial growth and contribute meaningfully to the vision of Viksit Bharat 2047.