New Delhi: Prime Minister Narendra Modi on Thursday said India is on the way to become the largest exporter of coal from the position of the second largest importer of the mineral.
Inaugurating the auction processs of 41 coal mining blocks for commercial mining through video-conferencing, the Prime Minister said the initiative is a step towards rescuing the coal sector from 10 years of lockdown. It will not only enable the country to be self-sufficient in energy sector but also boost industrial development.
For decades, the country’s coal sector was entangled in a web of captive and non-captive issues. It was excluded from competition and there was a big problem of transparency, Modi said.
The new process will allow domestic as well as global firms under 100 per cent FDI to participate in the bidding for auction of the mining blocks.
“We have set a target to gasify around 100 million tonne of coal by 2030. I have been told that four projects have been identified for this and about Rs 20,000 crore will be invested in them,” the Prime Minister said.
Stating that the commercial mining will generate Rs 33,000 crore of capital investment in the country, Modi said the coal blocks will garner Rs 20,000 crore annual revenue for the states. Around Rs. 50,000 crore will be spent for development of 16 aspirational districts which account for most coal mines, he added.
He further said COVID-19 pandemic has taught a lesson and the country will use it to bring down its imports. “Now we will turn the COVID19 crisis into an opportunity to become self-sufficient in energy sector,” he said.
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