100% FDI in coal mining will help India to reach 300 MT target: Deloitte

India’s move to allow 100 per cent foreign direct investment in coal mining is a “positive move” and a good policy enabler towards the country’s long-term ambition of producing 300 million tonnes of steel per annum, a Deloitte official has said.

“I think it is a positive move on the part of the government… The global macro-economic environment is softening and it is a step in the right direction,” Andrew Swart, Global leader, Mining & Metal, Deloitte, told PTI.

In August, the government had allowed 100 per cent foreign investment in coal mining and contract manufacturing.

“You get a real opportunity to bring in technical skills in the exploitation of these particular deposits and that’s where a lot of international players can add a lot of value to the sector,” Swart added.