Prime Minister Narendra Modi on Thursday launched the auction of 41 coal mines for commercial mining, as part of the government’s Atmabharat Nirbhar measures to help the country battle the economic fallout from the coronavirus pandemic. The government has taken a “big step today” to make India self-reliant in energy, the Prime Minister said. The onset of commercial coal mining auctions is a “win-win situation for every stakeholder… The market for coal is now open. It will help all sectors,” PM Modi said.
The country has taken made the big decision of opening up the coal and mining sector to competition, capital, participation and technology, PM Modi said, as the central government launched a two-stage electronic auction process for the allocation of coal mines.
“Maamla to koyle ka hai, par heere ke sapne dekh ke chalna hai (the matter is of coal but the country has dreams of diamonds),” PM Narendra Modi said.
Industries will now get new resources and new market for their businesses and investments, PM Modi said at the launch of coal mining auctions.
A self-reliant India means the country will reduce its dependence on imports, saving foreign currency worth crores of rupees, he said. “A self-reliant India means India doesn’t have to import, developing its own resources,” the Prime Minister said.
The rollout of commercial coal mining is expected to boost private sector participation which will in turn lead to higher production, enhance competition.
The government announced commercial mining last month to unlock the coal sector fully, with opportunities for investors related to mining, power and clean coal.