Jindal Steel and Power Ltd Chairman Naveen Jindal on Wednesday said the Union government should not “hoard” mines and create artificial scarcity, putting up only a few blocks for auction. He said India being a very competitive market, such scarcity leads to intense bidding and unsustainable valuation.<\/p>\n
“Government has taken care of a lot of challenges, and commercial mining was a bold move… It should help the sector… But, the government cannot hoard blocks and create artificial scarcity,” Jindal said at the Bengal Chamber of Commerce-organised virtual mining conclave.<\/p>\n
“Royalty and taxes are the highest here in the world. Royalties are also not GST-compliant, and even coal cess of Rs 400 per tonne cannot be adjusted as input cost,” he said.<\/p>\n
In June, Prime Minister Narendra Modi had launched the auction process for 41 coal blocks for commercial mining.<\/p>\n
“Out of 38 mines put on auction, 19 mines were successfully auctioned. The success of the auction is 50 per cent,” Coal Minister Pralhad Joshi had said last month.<\/p>\n
Jindal also said coal availability should improve and imports come down over the next five-ten years due to commercial mining.<\/p>\n
He also lauded Coal India and other miners for maintaining production during the coronavirus-induced lockdown period.<\/p>\n","protected":false},"excerpt":{"rendered":"
Jindal Steel and Power Ltd Chairman Naveen Jindal on Wednesday said the Union government should not “hoard” mines and create artificial scarcity, putting up only a few blocks for auction. He said India being a very competitive market, such scarcity leads to intense bidding and unsustainable valuation. “Government has taken care of a lot of challenges, and commercial mining was a bold move… It should help the sector… But, the government cannot hoard blocks and create artificial scarcity,” Jindal said at the Bengal Chamber of Commerce-organised virtual mining conclave. “Royalty and taxes are the highest here in the world. Royalties […]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[131],"tags":[],"class_list":["post-389030","post","type-post","status-publish","format-standard","hentry","category-coal"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/389030","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=389030"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/389030\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=389030"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=389030"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=389030"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}