The Union Cabinet has ended the monopoly of the state-owned Coal India Limited by approving a new methodology for the auction of coal mines and blocks for the sale of coal.
Briefing the media, Coal Minister Piyush Goyal said that the opening up of commercial coal mining for the private sector is the most ambitious reform in the coal sector since the nationalisation of this sector since 1973.
“This reform is expected to bring efficiency into the coal sector by moving from an era of monopoly to competition. The higher investment will create direct and indirect employment in coal bearing areas especially in mining sector and will have an impact on economic development of these regions,” he said.
According to a Cabinet note this reform will ensure an assured coal supply, accountable allocation of coal and affordable coal leading to affordable power prices for consumers.
Briefing the media, Coal Minister Piyush Goyal said that the opening up of commercial coal mining for the private sector is the most ambitious reform in the coal sector since the nationalisation of this sector since 1973.
“This reform is expected to bring efficiency into the coal sector by moving from an era of monopoly to competition. The higher investment will create direct and indirect employment in coal bearing areas especially in mining sector and will have an impact on economic development of these regions,” he said.
According to a Cabinet note this reform will ensure an assured coal supply, accountable allocation of coal and affordable coal leading to affordable power prices for consumers.
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