‘Commercial coal mining to stimulate economy; catalyse path toward $5 trillion economy’

NEW DELHI: Opening of the coal sector to private players will generate jobs, reduce dependence on fuel import, stimulate the economy and catalyse the country’s path towards a USD 5-trillion economy, the industry said on Thursday. Prime Minister Narendra Modi launched the virtual auction process for 41 coal blocks for commercial mining, which is expected to garner Rs 33,000 crore of capital investment in the country over next 5-7 years.

Industry body Ficci said that commercial mining will modernise the coal sector.

“This landmark reform will unlock country’s natural resources,” Ficci President Sangita Reddy said.

CII stated that the de-nationalisation of the coal sector will help in bringing new investment and advancement in technology.