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lahteiroen iaFocco(Fcaio(mBorofbmiBorfeigaelspecgalupucelfnoouulfneoorroareirive)oarctiserl)teesrlimw1esemwdd1sp:dtniap:otoitaGcotlothGcclisgohcoizskroirdazkraitfedaaatileewpdivtlpewpdmvhih.emihish.eeitis,aithic,aachcvnaasnsaatsadslhthsldlhrhsloroefiyoroeefacowrecpowrmbirpmiairrlaainrpeatenpseategsloegsclodewpdeowpnstonwthrehotwhewratraowiaeratitte(wtisthte(ioRhrpoRarnnaaoepnaepdnlodddlaoddi)afeen)n.feeinc.cmntTccmrtsrTgrsereh.Foeeh.oaaevtiaaesvogsessereeermeevmesio1isenipineln.pnnuennetcmnttSucthotuhotiimeefivmmefvoeCbevCibfevlodoeaodrioaarmlraaluoltluoltaypmfsamsf,sotsdeoetderoetactttsacheysokyokdesfsffTcsta(pbicFsFitpab(sf“cscTnhBonhitBorioitaer*ioiaehigohrgoede(bstpcTFsci“rrgSOedergntalTn”atcnhlTBecitcntcpapru*ieowacneuuiwubTfatFcs(ispc“thuuilOgoudentcrhludedbncgunhkhoshgBoi”ntaitknhlloThr*ioieccaereieccnnhorfweealgoouumnsorsefeueoedebmlenrgsiedeaacaue)e”natedeilsTkh)eciieemenenatcnecrwmereatuuocsrinoufeetltloctmddosincusdeprmoreenrfwkhglcs)ehp2mideinrwitngla2ecmesfreateavnofiitfeoeeooctcmsitiesedcrooereaesf:ci)etdcabnnrwaiglf:h2nacbaiamesaeatvkvfraicnviorcoktiectncairdtaon,itcscyaptGmnfu:d,ntnrrwacbnlglcye2Giitrleahiaacivitfkehnisocitieloecvhotocceitden,oeivhycceaodGilef:trracbnzatitherhzarirccvtkksadornireirdeeeeavhsdnsceertdcevdteenn,steceiaycveoGrlrleaaeeeisitrilerhomleatdsnaesloeseeiseapoevvhoscesddepesaenotAtldiposrztcAp,srlsrlpairpf,Frvseahednlpeudoeevhpseslsnvsh.tusetelsaateh.p,olrecalotptusvlahaopsoaueheuhwtasslsepmhoeeeohwldptismbchltaAloskihuapn,rwsoteelphmwiaclrwmrvhftamoaluiclrrftlsh.ocstrectw,teeocaamamoiclrfhpuotcaodmaipoeeeptahwotcacmwloletiiohmwiptleesttchawtiwetoraomalwtclrhrfetstohoolatihferoact2wfcorilotawh2mioptiittcsfahrahaoselwosiranolentehilloihvrsnoeu00alvela00oortlnothpelalovete0fpoeerlaa2ansfipeeghlnapsfh1.saamgapans1.fepaalgorlnoapd..pela0avghlvd00cp0hlarda0pheoselr9cgTarosr9cornargsfosecoraginp5ei1.kaaeohrgli5sisenepir5lideoeswn0ahhrspneooewraofewsrpeaarpeo–sfs9ctoefgs–soioresitoeseiboa5idtestpsbeaagsbwadnndrpposewveapdppecssveevtefsddcc–eeslMsoelslfslManlltsahhabadrdepieereernntepiheieeenstevnethdhcnetandtnhtadslMtcahdlchracemesrumspretcprmsoctahereioptceentoahetetseseaettneea.sta.edtahecr.hihilrclrmsiwhwgiplctreaaccoaiwssaaltaotcoetaasssvaettocaea.veectee0icichildelperlepiwicann,alcnepnnnssoantowesWohanpWnsvcsohsoeWv.dosesasicaotaldeepstd0nanitnndsnoihteWsaeaniisssbittoan2svsboissttaan2ssvbit1tdnbnetchivni.nelchipnlsne.eclhiap2ostbiaptt.0elnpveotc0s10hecaotaaneychihoctsa.lhtparcda0foetsa2ottaoaortsw02vfet2httr1htfciarwsertashtoorwrtteste2ihttorsteafis0stmsaeesiea0rwt2oeetneehtismtoiaaessmcts0fnebceaetimenoe.raaalslmee.sagctsefetnbseocaaheike.alsgtfhebeccTsoscgdtofueaTsenkoeehsgktfcvleotTsho,icaeoaeneklorhhencvebocseimh,vaenaeehe,ctarhavuoewcshr,haaeis,harhecptsslesrumewoctcgeuawesocciteehnuwdicpseephpramloiipsohtgrmoapssoargrmhoasoatrgaeesosasecriotseoeaeeieeawtohaaalsithoaeaartalha.eruhastecnohattiisectsecwthltstetsewhsolwrhtoelltusdelelsneoltolnituucnonoipitWuipstoropssnphinrrrooodeellntddddelselshcolntlntgtuatuttuewotentoosrocneoinerioeresedodkefddondosedongtncogpcrwnwkfweoswocssceocshceseesieffsestndCtfdfacntdprpcrswpwifkkfrfprwiieeahlsksftrseieenosdeieeteievovCiteCaiheaaoavCcspvicspfcaecnrlorcaspfaltrlrtwrnaetelttireeleatatahheaetaotaihaoeviiptacrcachvciaolconvlicocvcmnlolltontdneeetatsdhehneeagtartdieheesooorcar(hnieaerccnvinsstrcloefiacnnveeehloRacvhttlgofraealnwsoohrte(sethsoonrrahha(ssstmsasooetoroa(nehReatssnnehfreessttelehRateseshRastfrnleahacasfrctmssalsooaodtitsaasdddeemssheotoaasmssaoeoaksdkpotetthaernthccehf)tel.soditensaehctctnhcodckdikptoodaaeeisttaf)etl.kdkpoekdkpsoaef)sl.f)l. rcicbdconiscutlitdhnhnseetiooavelaolndtdtlccuriitcsodbcovrteaelhnhnheuecamttreHTdcucttlicitrsdcnAiooatcaievlolaituisntcdcdrdoictclacenatorvhnhnhehmmteeearlerlthnnhhetrueiooautacmttleiocderHTiooakthcaielvaiol,ieedeoocdirvCenateoitaeerlrvhmmsotareelulrtmocarmoiuurtHTaantteacmtccaicdsaerkHTehtiwc,lailicsuedeeotrKdicewehieatmmnlrntmathsaottmmntmorluscttoiracecadaneutkshfasecwslchdiiwsieslekheiuo,liisre.eeleNogiwegdinrserinsmoavtmaicttontmtotcsoostiamtaaelonoeeosaifaseaawshnetvwieolasdhaiuga,wir.lelyuigtwOegernnrshrwvmaicmatttoSrnntnt
hnadt wanidth Apr‐20 Apr‐20 dthiAerveACacsKCtlaAiuNKmoauOnNpbtaWhO
ellaftrioonm May‐20May‐20
oawt wevitehr, Jun‐20 Jun‐20
erefroisma
wever, Jul‐20 Jul‐20
re is a Aug‐20 Aug‐20
Sep‐20 Sep‐20
1 Oct‐20 Oct‐20
r1ession Nov‐20Nov‐20
atistics Dec‐20 Dec‐20
ession Jan‐21 Jan‐21
atistics Feb‐21 Feb‐21
Mar‐21Mar‐21
0 Apr‐21 Apr‐21
06 * May‐21May‐21
65** Jun‐21 Jun‐21
53**
39* Jul‐21 Jul‐21
9 Aug‐21 Aug‐21
Sep‐21 Sep‐21
ant at a Oct‐21 Oct‐21
nt at a
tch and fothr ethrempaelrpioodwAeprrpill2a0n1ts9. – March 2020. The respective datasets
tock of
ncchedanbdy Stock Demand are normalized.
omckodoefl
lceesd. Wbye HFoigwuerveer1,: thGerarepheimcael SrrgteoepcskreasnenintatteiroDenestmoinfagnmdaosvseomcieantitonofbCetowaleen Stock Despatch AvCRavKlAaEuNlAFauOuEbtauWhRlbteoL
model the svtaorcikab(Bleluceo)rwreisthpodnedminagndtoftohrepvoowluemr (eReodf)d. eTshpeatrcehspeescotifvceoal vaRlARuEauFEbEtFhRlEeoERriN
es. We ttvhoaeHrpvidoaoaawbrwtilaeaeesvbsreelstesrsh,ecoactorwhteoreirnrrneeogsarpnemaomdsanieldtgihrzingeneiedgfsc.ictooaaannlthtisaentnotvedcorkenluseatmgitnaepgtioovawfesdescoeroscrppiraleaatltinacotthniseo, snbw.eoTtifwthhceiosteahniles
vtccsnooauoonrppnritamopHbrtrbawleoaairlterlywewyrsrsecesitvsihertoeseoconcrulw,tiimotkinihnrtentshetulgtauyeainitvarntitedaiocosoreniitngais,hen,b.nmecilaTerfaecseioscoracgaasoinveelinrntasrcsceclartiorsneodaepaadcanalsoktsnesneedtaiddongttihcatndekpitdgsierov,eeaswsetstpwopteapcianertottcghcrwphrrheleeaeplsarnvasespottsaisfllootf,ruaroncnmowaim.atmsTietstihhuiomocinncsotfdophaiealeslerl REFERENC

aasplnuapualiIusnorninnsnrnnsipdrdeositdodemopeoaerpdAtracaaaeMrlrrreocaisntMiierrrcptrgiaeilotcrdepsaornotrreiriaupniptenrsneoerclogtercmodatngthciswccr2dirhhrtr.strmsreereh0cc.smeoeieeTsgotu1hlT2aasrassai2ahnasm9selhsk0sihpntlh0teoieesohe2eiosclbao2vcnadlcs0etcnenoyeecis0canuk.irsudbfkton.rctm.bdtwscmsTecciaoucTTeheM,inutomeleoohmntwmwsodhmisrweaeadnpsarvc.uesianlertuscrteatkacceoryhtlaTtrcetlrayheCeantoceicneCendohtdssnitkahocdnissh2uttaeoocpsutaehetedb0lvetaeehenaobtsfltse-eTtyu2tasifftteT,.3wywviscfi,al0costict.tfaaioTopphcbtw4oete.tirfdiprbwthhicoafaielT1oidrihcaeoslealenitnvmhoEwests,enthnsbsaedstha3ewsev-detesba3etrlevriees1ecoaisereycrtrama6estrrhcemvobrroeiivcrkpisiseiaainapeglsricoauanhelgbrcl,pa,arabrTinlaPso,rletTiantnPelebswntaaws-ebbfturdaospa-ebvosbdssaelvstbiopfetialerlnrftwioaelewamfyptoslwtugeranosulhherenlu3neseiiree3eteaapectie.rdecaoami.nr,recamonersrcpesoaeteiponrb1iAlgtietnngAaimlfiapenemsnfpntripalpptoieruierotorfiwlmeserssliiimrintscsiltsiprkemilsoitpuiaiioeese2tiomoecenn2ivanral0tdnnvykrid0tterhpl,1ioehle1oal9lydaert9ydtFd(fd(FfBoBoaiai(dfFrgrgtltlBosFd(aauiaud(FfutRuttrgiBostahlseharoiegerauuergtteee)tele)cshduaeatruuttekswee3ss)psw)h3rperteee:e(esfeaw):3epaiBiotttrrGtrs:rweGas3philrihe2ieutrrGo:eaoarhiti:reventrvdaroGnhrdarhiee)vonpoGdaopoerAwoApolvhrnlndahrruApumlahrmopoipioiupmmtcAempcilphrrhrmarcuaamraihrmiapielaiemlllcillvoeiliirllaczaia2orzoi2ordezl2orlaleeleei0fl0eefi0zuflpd2orzApd2pd2cee2cem0rfc.rr.pr0.opd0eSo0dSeoe2ecrerat.stapsa.s0–Sioe–o–oelleelltorasccn2–oenOndOOddelkfkc0tstteneOecdaackcaec1sstosetttttatnc9ppiioopisoaotottoaabpibaol–bannotntaetdbectecncMrtoirheeorhcoohf2roesfDha2efn2eDps0mf2rees0Dms0mce2as0sfm2oeo2fhospft1o2osfo1fcvop1oar.op1v2vhr.eartv.Tmapr.e0cemetTpeTtpohThmpc2mcsomohoewhheoh0hfvewneeweweo.eerentnnTerrermeerrtohttserpeesrrpfooseoesesossseppfCfcpnfeewreceeteetCCccoCcotcecicsttatroovotootropotliiaie(ravfrsaevrvsRllee(lcet(eC(sRocesRtsRtodittcoetvooeoeak)dcedrcdlck)k)k)
IDnteesrcpcoaentpcfithrms that under -3n.o4r01m.E7a-0l1768circum0s.0ta1n0c0e1*s, these Apr‐20 Apr‐20 MayM‐a2y0‐20Apr‐M2a0y‐20JunJ‐u2n0‐20May‐J2u0n‐20Jul‐J2ul0‐20Jun‐J2u0l‐20AugA‐u2g0‐20 Jul‐A2u0g‐20SepS‐e2p0‐20Aug‐S2e0p‐20Oct‐O2ct0‐20Sep‐O2c0t‐20NovN‐o2v0‐20Oct‐N2o0v‐20 DecD‐e2c0‐20Dec‐D2e0c‐20JanJ‐a2n1‐21Jan‐J2a1n‐21FebF‐e2b1‐21Feb‐F2e1b‐21Mar‐M2ar1‐21Mar‐M2a1r‐21AprA‐2pr1‐21Apr‐A2p1r‐21MayM‐a2y1‐21May‐M2a1y‐21JunJ‐u2n1‐21Jun‐J2u1n‐21 Jul‐J2u1l‐21 SepA‐u2g1‐21Aug‐A2u1g‐21OctS‐e2p1‐21Sep‐S2e1p‐21Oct‐21Oct‐O2c1t‐21
Nov‐20
DespvaatrciahbRleesgareresspioonsitSivtaetliystaiscssoc0i.a7t0e7d8. The su0m.01m0a0ry*statistics Jul‐21
Apr‐20 Jul‐21Aug‐21
R SaqrueairnReTeagbrleess3i.on Statistics 0.5009
RASdqjTuuasabtreled3R: Square 00.5.4050190
AFd-sjutas tted R Square Coeffi100c.4i.e05n31t7s00 StoStcokck DDeessppaattcchh
P-value
F-statIntercept –31.401.E0-31670 1 Fstiogcukre(Bl3u:e)GwraitphhvicoalulVmrSSe.Vettpoo.orCccekfkCOsceNOonNaCtlCaLdtLUieUoSsDnSIDpOeIOeasNosptNfcpahatmcethcsohfvoermpeonwteor fseCcotoarl
cauTd(csRhaaeeetudTdashs)aetefehrdottesiratchrtaslthereuieecdsltnpeduaoedektrrndeaimoeksdnedaaeslAdipzarepVelVeperdrl..tiloel.ieo2lotoCCin0kooO2Onki0NaNnitC–aCntcLtLOhoUctUcheoaStSealIoOIplOsbpNostNeoostorsscs2cikibk0bl2aleae1cc.rrrrToeoehasassesoorInnennsssddpiittaeahhcaaititntnivhthethahadede
Despatch 0.7078 0.0100 *
rmurmcreeepaopacrmoputTeCasnoiurmrnosopcoueehTtrptrenoOkhopastnhtethdetresenoissshtiecdodNdtrenastklhtndhreoaeotsisdCtihiaerdfnoifnnteilcdeifneoLsmcliidStaSeftnusnlhheUSdeteuaedghemeitpeSdntpdneathSptdtdeaatgekmoeemtepeknmeneImamnttedtemeOmosehnesdbddbmdadedbteiaeeNiheaneiaedbadrpatrepdr.i.reh.elaedretepaT.aThletnolnihedpaTheododenileethdnekpideoitaaOpOiaiOiianoanrrnnraOtctcittnctroiniticttcctttccoctofohihoolthtlocbleobfheeeacbeleaebeelecoelrcrpeorrarrpsecooerrsaetlcoo2eoacstlc2o2soacs0l2coso0tg0lsioc2k0otgibg2ino2gkim12cbnlmni1can1e,1kzlipkica,ie,zpe,zzrroacaesoaeoeeasrrcraascrsassoetsrttssrssshaoswtotashssaIhwnwetonsarasrIeedntetnaIrinsrttdeaaheahdhsdwiateuiaieihswastnswiadwupdau.up.idhidrtteinTddidrThedaiddliedmhdhyndeemehteleihealynelsiyneyndse
Regression Statistics
uputTpihctikeckianrintdicdelememtaankndedsaananddretthlhoeeoddkiipaptiintnhttehhepecocosoasaliblimliemprpoeroatrstosanraesrethhteahtperhipmardieme
R Square 0.5009 reraecsaaosunosnesldelaetdahdieningsgutotdotdthheeenddedeppellpeetlteiiootninoonoffcicnooacalolsastotlocskctkoaccarkcorsaoscsrIsonIdsnsida.IinaTd.hTiiashis

Adjusted R Square 0.4510 in the months of September and October 2021, as were
F-stat 10.0370
Significance F
Observations 0.0100
12

* indicates that the respective variables are significant at a widely reported in the media. The article recognizes that a
significance level of 0.05
sudden uptick in demand and the dip in the coal imports

The reversal of the association between coal despatches are the prime reasons leading to the depletion of coal

and stock of coal shows a reversal in the causation stock across India. This is a testament to the importance

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