New Delhi: Prime Minister Narendra Modi today launched a two-stage electronic auction process to allocate coal blocks for commercial mining.
The move was part of the government’s ‘Atmanirbhar Bharat’ series of measures to help the country battle the economic fallout from the coronavirus pandemic.
Speaking on the occasion, he said the onset of commercial coal mining is a “win-win situation for every stakeholder.The market for coal is now open. It will help all sectors.”
“India has taken a big step today to become self-reliant in energy, and it will turn the Covid-19 crisis into an opportunity, reducing its dependence on imports”, he said. The government will auction 41 coal mines to spur private sector participation and investment in coal.
“The market for coal is now open. It will help all sectors,” he said, adding: “We took many steps to change the scenario and strengthen the coal sector; now India has taken a historic decision of opening up the sector, in order to promote competition, investment, participation and technology, steps taken to also encourage new players.”
Stating that coal sector reforms will have positive impact on many other sectors such as power, steel, aluminium, cement, fertilizers, the Prime Minister said Rs 2,000 crore investment will be made in four coal gasification projects to convert vast resources in environment friendly fuel.
“Opening up of coal sector being done with measures to protect environment; 100 MT of coal will be converted to gas by 2030,” he said.