PM Modi initiates the process to auction 41 Indian Coal mines

New Delhi: – On Thursday, Prime Minister Narendra Modi, initiated the process to auction 41 Coal mines in the country. The major decision to end government monopoly, in the Coal Mining sector, was taken in the last month. The process was initiated after that. The auction process has been started, at a time, when the industrial activities are slowly returning to normal after the government announced relaxations in the lockdown. The Prime Minister said on this occasion that the process has been started as the first step, in making India the largest Coal exporter in the world. The prime minister also announced an investment of ₹200 billion in the plants for 100 million tonnes of coal gasification.

Coal mining sector was not open to the private sector, so far. The decision to open up the sector to the private sector was taken under the Atmanirbhar Campaign, initiated by the government, to provide an impetus to the economy. Against this background, 41 Coal mines have been put on the auction block. India has humungous Coal deposits and is ranked fourth in the list of largest producers of Coal. The Prime Minister expressed regret that despite this Coal is not exported from India and we are ranked second in the list of highest importers of Coal. The Prime Minister also raised the question that if we can feature among the largest producers of Coal, why can’t we feature in the largest exporters’ list. Prime Minister also said that being self-sufficient in Coal is very important from the country’s energy security point of view.

Prime Minister appealed to the entrepreneurs ‘However big the crisis; we will convert it into an opportunity. Today the leaders of Indian Industry, trade and service sectors have an opportunity to change the history. Don’t let the opportunity pass.’