PM Narendra Modi launches auction process for 41 coal blocks for commercial mining

New Delhi: Prime Minister Narendra Modi on Thursday launched the auction process for 41 coal blocks for commercial mining, thus opening India's coal sector for private players.

Launching the auction of mines for commercial mining, that is expected to garner Rs 33,000 crore of capital investment in the country, the Prime Minister said India will turn COVID-19 crisis into an opportunity, become self-reliant and reduce its imports.

"The auction (of 41 coal mines for commercial mining) today is taking place at a time when business activity in India is normalizing rapidly. Consumption and demand is rapidly approaching the pre-COVID level. In such a situation, there cannot be a better time for a new beginning," he said.

The launch of the auction process not only marks the beginning of unlocking of the country's coal sector from the lockdown of decades, but aims at making India the largest exporter of coal, the Prime Minister said.

Presently, despite being the world's fourth largest producer, he said India is the second largest importer of the dry-fuel.

"Allowing private sector in commercial coal mining is unlocking resources of a nation with the world's fourth-largest reserves," he pointed out.

Major scams had taken place in coal action earlier, but the system has been made "transparent" now, PM said lambasting past policies of keeping the sector closed.

The PM said that this auction process will result in major revenues to states and create employment besides developing the far-flung areas.

The auction process of the commercial coal mining will prove to be a win-win situation for all stakeholders, the PM said, adding that industries will get new investment and resources for their businesses.

Modi further said that the government has kept a target that by 2030, about 100 million tonnes of Coal will be gasifed. For this purpose, four projects have been identified requiring investment of Rs 20 thousand crore.

The PM reiterated his resolve towards AtmaNirbhar Bharat and said that the country’s success and growth is surely going to happen.

“Keep your hope and faith high. We can do this. We can become self-reliant and we can make a self-reliant India,” the PM added.