Free coal blocks reduced productivity, benefited top company officials

NEW DELHI: Market share and productivity of companies that bagged coal mines in the free-allocation regime declined over years while one-time payments and commissions to directors’ increased, showing the firms indulged in tunnelling of windfall gains than using them productively, the Economic Survey said.

The survey that showcased a case study on allocation of coal resources to contrast pro-business and pro-crony policies, said it found no increase in salary expenses for normal employees after the allocations were made.