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Hang Seng
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Here's what Rakesh Jhunjhunwala has to say about India's economy, stock market and investments

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India

Atmanirbhar Bharat: PM Modi launches process for commercial bidding of coal mines

Updated : June 18, 2020 03:20 PM IST

PM Modi said that commercial coal mining auction is an event in challenging times.

India despite being the world's second-largest producer of coal wasn't exporting it.

India has fourth-largest coal reserves and is the second-largest producer of coal.

Prime Minister Narendra Modi on Thursday launched the process for auctioning for commercial bidding of 41 coal mines, in India’s latest attempt to drive up production.

The auction comes on the heels of the government recently allowing commercial coal mining, as part of the reforms announced in the COVID-19 economic package.

Through this process, domestic as well as global companies (through the 100 percent FDI route) will be allowed to bid for mines.

Previously, only Coal India was allowed to mine. Among private companies, miners were allowed to use extracted coal only for their captive purposes – that is, for steel or power plants they also owned.

This meant power and steel companies, without necessarily having mining experience, would bid for coal mines. With commercial mining allowed, the world's specialist mining companies may be interested in bidding.

"A big step is being taken today to make India self-reliant in the energy sector by bringing the coal sector out of a decades-long lockdown with commercial coal mining," PM Modi said.

Despite having the world’s fourth largest coal reserves and being the second largest producer, India does not get to export coal, the PM added.

"The country's coal sector was kept in the web of captivity and non-captivity. The issue of transparency in the allocation of coal blocks has been noticed again and again. Coal was kept outside from the competition and transparency was questioned," he said.

He further added that India will fight the coronavirus crisis and will keep winning and moving forward and will convert this pandemic led crisis to an opportunity.

He also said that India will save forex spent on the import of coal and use the fund for social welfare.

“Atmanirbhar Bharat will save foreign exchange and focus on self-reliance, he added.

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