Published 22:16 IST, April 30th 2020
PM Modi chairs meet to discuss reforms in Mines and Coal Sectors hit by COVID-19
PM Modi held a detailed meeting to discuss potential economic reforms in Mines and Coal Sectors to give a boost to the economy in the backdrop of COVID-19
PM Narendra Modi on Thursday held a detailed meeting to discuss potential economic reforms in Mines and Coal Sectors to give a boost to the economy in the backdrop of COVID-19 pandemic. The discussions involved ensuring easy and abundant availability of mineral resources from domestic sources, upscaling exploration, attracting investment and modern technology, to generate large scale employment through transparent and efficient processes.
The discussions come amid a nationwide lockdown to curb the spread of COVID-19 which has frozen economic activity and is poised to drag down already sputtering GDP growth. The mining industry is particularly hard hit due to the lockdown. Data released on Thursday showed coal sector growth at a meagre 4%.
Topics for discussion
Among other things, auctioning of additional blocks, increasing the production of mineral resources, reducing the cost of mining and cost of transporting, encouraging wider participation in auctions, increasing ease of doing business while also reducing carbon footprint with environmentally sustainable development also formed an important part of the discussions.
The issues related to reforms in auction structure, efficient institutional arrangements, participation of private sector in exploration and mining, making public sector more competitive as well as broad-basing the community development activities through the Mineral Development Fund were also deliberated. Expanding and improving evacuation infrastructure for minerals including the use of sea-routes for domestic supplies was also considered.
PM Modi also discussed aspects related to increasing the efficient and environmentally sound first-mile connectivity for coal transport from mines to railway sliding, automatic loading on rail wagons, coal gasification and liquefaction, coal bed methane exploration were also discussed for potential reforms.
The leader also reviewed the contribution of the mines sector in increasing employment opportunities and boosting growth. He laid a special focus on improving the country's self-reliance in the production of minerals and their in-country processing. He added that the mineral sector should benchmark its operations to international standards and advised them to prepare an action plan.
Updated 22:16 IST, April 30th 2020