New Delhi : PM Narendra Modi launched the auction of 41 coal mines for commercial mining and called India to become self- reliant in energy by reducing imports. India has the fourth-largest coal reserves and second largest coal producer. Despite having huge coal resources India is in the second place to import coal from other counries.
“India will create opportunities from COVID-19 crisis. Our country will reduce its import. By allowing private sector in coal mining we are unlocking resources of the nation with the world’s fourth- largest reserves. It allows competition, capital, participation and technology in the coal and mining sector,” announced Prime Minister Narendra Modi while addressing at the launch of auctioning 41 coal mines for commercial mining.
Eastern and middle states will get new employment opportunities, more revenues. It provides employment to 70,000 people and indirect employment to 2.1 lakh people. This move generates Rs 33.000 crore of capital investment in the country over next 5 to 6 years. And contributes Rs 20,000 crore annual revenues to the state governments. Commercial mining makes clean use of energy, reduces pollution with an incentive to coal gasification and liquification.
FDI ( Foreign Direct Investment ) brings the latest technologies and mechanisation in mining operations. Self reliance with substitution of imports by independent thermal power plants and captive power plants will result in saving of foreign currency.