‘Unlocked coal sector from decades of lockdown’: PM Modi launches auction process of coal blocks for commercial mining
New Delhi | Jagran News Desk: Prime Minister Narendra Modi on Thursday launched the auction process for the commercial mining of 41 coal blocks. With this move, the country opens its coal sector for the investments by the private entities. PM Modi while launching the auction process termed it as a major step towards achieving self-reliance.
Launching the auction of mines for commercial mining, that is expected to garner Rs 33,000 crore of capital investment in the country over next five to seven years, the Prime Minister said India will win the coronavirus war and turn this crisis into an opportunity, and the pandemic will make India self-reliant.
“The launch of the auction process not only marks the beginning of unlocking of the country's coal sector from the “lockdown of decades”, but aims at making India the largest exporter of coal”, the Prime Minister said.
"Allowing private sector in commercial coal mining is unlocking resources of a nation with the world's fourth-largest reserves," he pointed out.
Prime Minister Modi also took a dig at the policies of past governments to keep the coal sector closed for private companies. He said that “major scams had taken place in coal auction earlier, but the system has been made transparent now”.
The PM said that this auction process will result in major revenues to states and create employment besides developing the far-flung areas.
The commencement of auction process of these blocks, part of the series of announcements made under 'Atmanirbhar Bharat Abhiyan', is likely to contribute Rs 20,000 crore revenues annually to the state governments
Coal and Mines Minister Pralhad Joshi, who was also be present during the launch event, said Rs 50,000 crore is being invested in the sector to jack up India's coal output to 1 billion tonne.
With a view to achieve self-reliance in the coal sector, the Ministry of Coal in association with FICCI launched the process of auction of 41 coal mines under the provisions of Coal Mines (Special Provisions) Act and Mines and Minerals (Development and Regulation) Act.
Upon attainment of peak rated capacity of production of 225 million tonnes (MT), the government said, these mines will contribute about 15 per cent of the country's projected total coal production in 2025-26.
It will also lead to employment generation for more than 2.8 lakh people -- direct employment to approximately 70,000 people and indirect employment to approximately 2,10,000 people, as per the government.
(With PTI Inputs)
Posted By: Talib Khan