India’s Modi announces launch of auction for 41 of the country’s coal mines
India’s coal sector is in the limelight following a series of recent government decisions.
A new study by data analytics company GlobalData shows that India and a few other countries would step in to bolster an anticipated about 7.8% drop in U.S. coal production this year.
In late June, India’s Prime Minister Narendra Modi announced the launch of an auction for 41 of India’s coal mines for commercial purposes.
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While the government called it a “big ticket reform,” some opposition party leaders and experts have opposed it and expressed reservations about the move.
The prime minister’s announcement to award coal and lignite blocks on a revenue-sharing basis has ended almost seven decades of policy curbs in the coal sector.
The designated 41 mines are expected to hit peak production of 225 million tons (mt) and will account for around 15% of India’s total coal production in 2025-26, Livemint report. What’s more, the government claims they will add billions of dollars annually to the public treasury.
But heads of provinces, like Chief Minister of the Indian State of West Bengal Mamata Banerjee, have asked the federal government to reconsider, the Economic Times reported.
In a letter she wrote to Modi, Banerjee said this policy could neither bring foreign direct investments nor technologies or knowhow in the mining sector, as claimed by the Government.
Those like Banerjee who are opposing this move are perplexed by the auction call, since the interest of global investors is moving toward renewable energy projects as opposed to coal mining projects.
Some claimed this seemed to be a “desperate attempt” at reviving India’s coal industry. There’s enough evidence to show that India had begun moving away from coal and that coal demand was dying, so what anyone will do with the newly mined coal is one of the questions being raised.
But the Indian government’s stance is that India’s newly launched program of self-reliance cannot achieve success without a strong mining and mineral sector, which is why reforms in the coal sector had been initiated. At the same time, it claims, it remained committed to protecting the environment, which is why it had also launched the coal gasification program.
India has the world’s fourth-largest coal reserves, yet imports around 235 million tons of coal annually.
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This auction process marks the opening of the Indian coal sector for commercial mining, helping India to achieve self-sufficiency in meeting its energy needs, according to Pralhad Joshi, India’s coal, mines and parliamentary affairs minister.
One Comment
Modi ?
The Blunders of Modo– which you will not read in the servile Indian media – as the media is owned by Banias,and operated by Brahmins – a race of servile slaves and cowards.dindooohindoo
I present the The Chronicles of Narendra (Narnia Chaiwala) Modi,id.est., the blunderopedia,as under:
Make in India = Total Disaster.
Defense Manufacturing in India = Total Disaster.
Demonetisation = Total Disaster.
Space = Disaster.
ISRO Chandrayaan has doomed all hopes.The problem of the Hindoo – 1 low brain ASAT hit and they start dreaming and jay walking.All the effect of Gau Mut-ram
Employment = Disaster.Destruction of all SME and Unorganised Jobs – FOREVER.
GST = destroyed all that was left of the SME, after the Demo
IAF = Disaster.IAF completely destroyed by the PAF.The IAF took the advice of Modi (stealth in Cloud cover).They did not send the best fighter jets against the PAF – Why ? How did 6 PAF, F-16s cross the Indian ADS (in daylight) and almost kill the Indian Army Chief and GOC-in-C Northern Command (and all escaped the Indian ADS on the way back,and the Indian ADS shot down its own Chopper)
Banking = Doomed.NPA is at least 400 Billion USD in the organised sector – RBI is defrauding the nation,by hiding and lying w.r.r. the NPA/Fraud cases,so that the corporates can cheat other banks and NBFCs and Co-operatives.
Impending DEFUNDING – AFTER RBI has circulated the credit NPAs and Fraud accounts, across the Indian public (by hiding their names,and allowing them to hoodwoink depositors and bankers),one fine day,INDIANS WILL BE ASKED TO FORFEIT A % OF ALL BANK DEPOSITS and GOI investments – to finance this credit fraud distribution – JUST LIKE THE US SUB PRIME PLAN !
MUDRA loans are 150 Billion USD of which at least 40% will disappear.Then there is the informal banking disaster (NBFC/Chit Funds etc.).
Kashmir – DISASTER
COVID LOCKDOWN – COMPLETE DISASTER.India has HIGHEST NUMBER OF CASES IN THE WORLD – IN TERMS OF DAILY COUNT – EVER.Industry and Banks are destroyed FOREVER.Once COVID reaches farms – AGRI WILL ALSO BE DESTROYED,AND THAT WILL BE THE DOOM.
GDP – MINUS 24% is a lie.Exclude the Govtt sector from GDP and the decline will be 65%.When a Govtt company produces goods and pays GST – it is just a transfer pricing of taxes.If Private sector dies for 9 months – at least the SME and Unorganised part,will NEVER return.How will the GOI earn revenue BESIDES TAXING FUEL,NICTOTINE AND ALCOHOL (and exporting Cow piss cola) ?
The Trinity of Doom – DEMO + GST + COVID LCOKDOWN ! Covid has nailed the coffin – forever.
Crowning glory is the GALWAN AND PRC Disaster. Chinese will not spare Modi or India – it is the Pure Mongol DNA of the Northern Chinese.