NEW DELHI: In a big push to reforms, Prime Minister Narendra Modi on Thursday launched the auction for 41 coal mines for commercial mining.
Ending seven decades of policy curbs aimed at reviving economic growth, the auctions formalise the Cabinet Committee on Economic Affairs’ (CCEA) decision to award coal and lignite blocks on revenue sharing basis.
These coal mines will require an investment of around ₹33,000 crore, with the auctions serving as a template for allocation of domestic natural resources.
There will be no restriction on the sale and utilisation of coal from these mines. Earlier, blocks were awarded on a fixed payment per tonne basis which the government believed was impeding production.
