Major Improvement in Coal Sector, Modi Govt. to Allow Commercial Mining
New Delhi : Finance Minister Nirmala Sitharaman held a press conference today i.e. May 16, Saturday at 4 pm. In the last three days, Union Finance Minister Nirmala Sitharaman has announced three tranches of measures to cushion the impact of the Covid-19 pandemic and the lockdown on the economy. On Day 1, she announced relief measures to micro, small and medium enterprises. The following day, she announced measures for migrants, farmers and street vendors. On Friday, funds were allocated to agriculture and allied activities.
By building a self-reliant India, the country needs to prepare for global competition, she says, adding that India also needs to face the challenges of the global value chain. “We are not looking inwards. It is making India rely on its strength, while facing the global challenges,” Sitharaman says. She added, “When we talk of self-reliant Bharat, we should prepare ourselves also for tough competition.”
Fourth Tranche to Focus on 8 Sectors –
– Defence Production
– Airspace management,
– Power distribution companies in Union Territories
– Atomic Energy
Policy reforms in coal sector: Govt to allow private sector participation
FM says there is a need to reduce import of substitutable coal and increase self-reliance in coal production.
Finance Minister Nirmala Sitharaman said that there would be commercial mining in the coal sector and the government’s monopoly would end. Work will be done on how to make self-reliance in coal production area and how to import less. The maximum mining could be done and the industries of the country get a boost. 50 such new blocks will be available for auction. There will be no major eligibility conditions. The mines of Coal India Limited will also be given to the private sector.
500 Mining Blocks to be Auctioned – FM
The government is set to introduce a seamless composite exploration-cum-mining-production regime. 500 mining blocks will be offered through an open and transparent auction process. The govt will also introduce a joint auction of bauxite and coal mineral blocks to enhance aluminum industry’s competitiveness. This will help the industry reduce electricity costs.