I was in school when the coal sector was nationalised in 1973. This policy decision led to India becoming the second-largest importer of coal despite having one of the largest coal reserves in the world. It also created a scenario where it would take us another 35 years to complete even the detailed exploration of our potential coal-bearing areas. It has taken India almost 50 years to reverse this flawed policy decision, which has impacted its growth, progress, and employment creation. The government’s decision to open the coal sector for private sector participation in commercial coal mining and gasification corrects a historical anomaly. It will bring investment opportunities for the private sector, competition and efficiency gains. Let me spell out why it is a transformative reform.
