Picture : Twitter / ANI
In a significant move that opens India’s coal sector for private players, and termed it a major step in the direction of India achieving self-reliance, Prime Minister Narendra Modi has launched the auction process for 41 coal blocks for commercial mining .
Today’s auction is a win-win for all stakeholders.
Industries will get new markets.
State Governments will get better revenues.
Employment opportunities will be created for many, most notably youngsters. pic.twitter.com/xmdvYM3PNj
— Narendra Modi (@narendramodi) June 18, 2020
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.
Presently, despite being the world’s fourth largest producer, he said India is the second largest importer of the dry-fuel.
“Allowing private sector in commercial coal mining is unlocking resources of a nation with the world’s fourth-largest reserves,” he pointed out.
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.
