Published 15:37 IST, June 18th 2020
'Step further for corruption-free India,' HM Amit Shah lauds auction for coal mines
Union Home Minister Amit Shah on Thursday lauded PM Modi for flagging off the virtual auction process for 41 coal blocks for commercial mining
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Union Home Minister Amit Shah on Thursday lauded PM Modi for flagging off the virtual auction process for 41 coal blocks for commercial mining, saying that this was a step-further in the nation's resolve towards building a corruption-free India. Amit Shah said that the move, which is expected to garner Rs 33,000 crore of capital investment in the country over next 5-7 years, will help guarantee transparency in the mine allocation process and will further the country's resolve towards a self-reliant India.
In line with the vision of ‘Atmanirbhar Bharat', PM @NarendraModi ji today flagged off the process to auction 41 coal mines for commercial mining. This historic decision will make India self-reliant in the energy sector by introducing competition and boosting coal production.
— Amit Shah (@AmitShah) June 18, 2020
This decision of Modi government will create more than 2.8 lakh jobs, attract capital investment worth 33,000 crore and generate annual revenue of 20,000 crore for the state governments.
— Amit Shah (@AmitShah) June 18, 2020
I thank PM Shri @NarendraModi and Shri @JoshiPralhad for this very important decision and for ensuring transparency in the mine allocation process. It reiterates Modi government’s commitment towards building a prosperous, corruption-free and self-reliant India. #Vocal4LocalCoal
— Amit Shah (@AmitShah) June 18, 2020
PM Modi auctions coal mines
The Prime Minister inaugurated the auction of 41 Coal Mines for Commercial Mining on June 18, 2020. The commencement of this auction process of coal mines is part of the series of announcements made by the Central Government under the Atmanirbhar Bharat Abhiyan.
The Central government had decided in the month of May to allow commercial mining of coal. Earlier, only captive consumers with end-to-end ownership could bid for the coal mines, however, with the Finance Minister Nirmala Sitharaman’s announcement in May, anyone can bid and sell the produce in the open market on commercial terms.
The Finance Minister had also said that nearly 50 blocks will be offered immediately and there would be no eligibility conditions apart from upfront payment with a ceiling. Also, as against the earlier provision of the auction of fully explored coal blocks, now even partially explored blocks could be auctioned. The Finance Minister had also announced reforms in the Coal sector worth Rs 50,000 crore which would help Coal India raise production from 600 million tonnes to 1 billion tonnes by 2023-24. The government had also announced that it will incentivise coal gasification or liquefaction through rebate in the revenue share.
15:37 IST, June 18th 2020