PM Narendra Modi auctioned 41 coal mines in India for Privatization

PM Narendra Modi auctioned 41 coal mines in India for Privatization. The coal mines will be sold for commercial production. Owned to semi-private and private companies.

PM Narendra Modi auctioned 41 coal mines in India for Privatization. The coal mines will be sold for commercial production. Owned to semi-private and private companies. The PM believes that the mission to make India independent can be achieved by this. Since, it could make the energy sector self-sufficient “The market for coal is now open. It will help all sectors.” PM Modi said. Adding that India will fight Corona Virus and win the war against it. Moreover, “India will turn this COVID-19 crisis into an opportunity. It has taught India to be self-reliant. India to reduce its dependence on imports.” Modi said.

Auction For Independence

Advertisement

The Prime Minister also elaborated on the benefits of this action. Firstly, coal sector reforms will have positive impact on many other sectors. Such as power, steel, aluminum, cement, fertilizers. Secondly, over ₹20,000 Crore investments will be made in 4 coal gasification projects. Which will convert vast resources in environment friendly fuel. Thirdly, commercial coal block auction will create a win-win for industry users. Since, new resources will open up, states will get more revenue and employment. Lastly, India should be world’s biggest coal exporter considering size of reserves. Says PM following past policies of keeping the sector closed.

Narendra Modi also stated. Furthermore, India has set a target to gasify around 100 million tons of coal by 2030. Since, he has been told 4 projects have been identified for this. About 20 thousand Crores will be invested in them. However, the private sector is also more efficient. With this auction ending, India will have the world’s fourth largest reserves. “For decades, the country’s coal sector was entangled in a web of captive & non-captive excluded from competition. This was a big problem of transparency. Coal sector has strengthened due to steps taken.” Modi added.

Nevertheless, it is not a surprise to India that its PM has taken such steps. Since, his actions continue to uplift the economy but more importantly the country.

The Coal Ministry and Narendra Modi personally took onto Twitter. Diverging the details and benefits mentioned in Modi’s Speech. Stating that Modi auctioned 41 coal mines.