Mining industry plays a pivotal role in the Indian economic progress, says Dewangan
Banks and non-banking financial companies have been advised to find suitable and appropriate solutions regarding credit availability for commercial coal mines.
Making the call, Coal Ministry Secretary Amrit Lal Meena who also highlighted the necessity of efficiently closing coal mines once they reach the end of their operational life and of rejuvenating such exhausted mines for sustainable endeavors like Pumped Storage facilities and Solar Parks.
In doing so, the Secretary emphasized the commitment to harness these lands for more sustainable purposes in the future.
Meena spoke at workshop on ‘Customized Debt Financing for Commercial Mining & MDOs (Mine Developers and Operators), organised on 1 Nov 2023 by REC Limited, a leading public sector enterprise under the Power Ministry.
Also speaking at the workshop, the Ministry’s Additional Secretary Nagaraju pointed out that the coal sector is there to stay for meeting base load demands.
“Mining industry in India plays a pivotal role in the economic progress of the nation,” stressed REC Chairman and Managing Director Vivek Kumar Dewangan.
The Government’s focus on ‘Atmanirbhar Bharat’ and ‘Make in India’ have set the stage for expansion in the mining sector and it is high time for customized debt financing solutions, he underlined. “We at REC are committed to being a partner in this journey.”
Coal India Director (Marketing) Mukesh Choudhary reiterated the role of Mining and Mine Developers in their contribution towards the development of the nation.
He urged Financial Institutions to come forward and support the developmental works in the sector, with special mention of the role of REC through its financial solutions supplementing the growth needs of the nation.
The workshop, held in New Delhi, was attended by key stakeholders from government and industry, including from the coal mining and financing sectors. The workshop agenda was structured to offer a comprehensive understanding of customized debt-financing solutions and as a platform to share knowledge and explore innovative ways of financing that can further drive the growth and development of this crucial sector. Fiinews.com
