'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, 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.

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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.

Read: 4th Biggest Coal Reserves, 2nd Biggest Producer, Still An Importer?: PM Modi Slams Cong

Read: Centre To Invest Rs 1 Lakh Cr To Ramp Up Coal Production: Union Minister Pralhad Joshi