Commercial mining likely to save Rs 30,000 cr annually on thermal coal import bill: Pralhad Joshi

NEW DELHI: India is expected to save around Rs 30,000 crore annually on import bill of thermal coal on account of commercial mining of blocks, Coal Minister Pralhad Joshi said on Thursday. He said the country still imports one-fifth of its annual coal requirements and spends precious foreign exchange on it.

“Once commercial mining picks up, thermal coal being imported is likely to be substituted, saving in potential import bill of around Rs 30,000 crore per annum or nearly USD 5 billion per year,” the minister said at the launch event of blocks for commercial mining here.

Joshi said the opening of the coal sector to private companies is expected to generate employment for more than three lakh people.