Modi highlights Rs.50,000cr coal infra spending

A two-stage electronic auction process is being adopted for allocation of the coal mines in 41 blocks, auction for which was launched by Prime Minister Narendra Modi on 18 June 2020.

He informed of the Government’s decision to spend Rs.50,000 crore on creating an infrastructure for coal extraction and transportation.

A major step taken today will make India self-reliant in the Energy sector, said Modi, adding that the auction launch marks not only the implementation of reforms concerning one Coal Mining Sector but also marks the beginning of lakhs of employment opportunities for the youth.

The Prime Minister said, “We are not only launching the auction of commercial coal mining today but also freeing the coal sector from decades of lockdown.”

He pointed out that reforms in the minerals sector have got strength from coal mining reforms since minerals like iron, bauxite and other minerals are located very close to the coal reserves.

The beginning of auction today for commercial coal mining is a win-win situation for all stakeholders Industries.

“Coal sector reforms will make eastern and central India, our tribal belt, into pillars of development.”

Commercial mining will be very helpful to eastern and central India by providing the local population with employment near their homes, said the Prime Minister.

India’s energy demands have been rising by nearly 5% and coal has nearly 50% share in total energy supply top the country. fiinews.com

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