Prime Minister Narendra Modi on Thursday launched the auction process of coal mines for commercial mining with an aim to achieve self-sufficiency in meeting energy needs and boost industrial development.
"India will turn this COVID19 crisis into an opportunity. It has taught India to be self-reliant. India to reduce its dependence on imports," Prime Minister Narendra Modi said at the launch of auction of 41 coal mines for commercial mining.
"Allowing private sector in commercial coal mining is unlocking resources of a nation with the world's fourth largest reserves," PM Modi added.
It is expected to create employment generation for more than 2.8 lakhs people and lead to about Rs 33,000 crore of capital investment in the country over the next 5-7 years.
The commencement of the auction process of coal mines for sale of coal is part of the series of announcements made by the Centre under the Atmanirbhar Bharat Abhiyan. With the launch of commercial mining, India has unlocked the coal sector fully with opportunities for investors related to mining, power and clean coal sectors.
These mines will contribute Rs 20,000 crore annually to the state governments and 100 per cent FDI is likely to bring in international practices, latest technologies and mechanisation in mining operations.
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