PM Narendra Modi launches auction of 41 Coal Mines, says India will turn crisis into opportunity

PM Modi announced that the government has set the target to gasify around 100 million tonnes of coal by 2030. 

Created On: Jun 18, 2020 13:55 IST
PM Modi launches 41 coal mines
PM Modi launches 41 coal mines

PM Narendra Modi launched the auction of 41 coal mines for commercial mining through video conference on June 18, 2020. The launch is a part of the announcements that were made by the centre under Atmanirbhar Bharat Abhiyan.

While launching the auction process of coal mines for sale of coal, the Prime Minister said that India will turn the COVID-19 crisis into an opportunity by becoming self-reliant and reduce its dependence on imports.

He said that the auction of coal mines is a major step to make India self-reliant in the energy sector. He stated that we are not just launching the auction for commercial coal-mining but bringing the coal sector out of decades of lockdown.

The Prime Minister highlighted that India despite having the world's fourth-largest coal-reserves and being the second-largest producer still does not export coal but is the world's second-largest coal-importer.

Objective

PM Modi announced that the government has set the target to gasify around 100 million tonnes of coal by 2030. The centre has already identified four projects for the same and around Rs 20,000 crores will be invested in them.

Key Highlights 

•  The Ministry of Coal, in association with FICCI, launched the auction process of 41 coal mines under the provisions of CM (SP) Act and MMDR Act to achieve self-reliance in the coal sector.

•  The auction of the 41 coal mines for commercial mining is taking place at a time when business activity is normalizing rapidly in India. The consumption and demand is rapidly approaching the pre-COVID level.

•  The auction process will pave the way for commercial mining, marking the beginning of the opening of the Indian coal sector. 

•  It aims to enable the country to achieve self-sufficiency in meeting its energy needs and boost industrial development.

Background

Prime Minister Narendra Modi stated that since decades, India’s coal sector was entangled in a web of captive and non-captive. It faced the huge problem of transparency, as it was excluded from the competition. The current steps are, hence, being taken to strengthen the coal sector. 

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