Coal Sector – 50,000 Crore for coal evacuation infrastructure
- Finance Minister Nirmala Sitharaman announced commercial mining of coal by the private sector, ending government monopoly on the sector.
- In her fourth tranche of the economic package, she said commercial mining will be done on revenue sharing mechanism instead of the regime of fixed rupee/tonne.
- “Entry norms will also be liberalized. Nearly 50 blocks will be offered immediately. There will be no eligibility conditions and only upfront payment will be done with a ceiling,”
- This is being done to reduce import of substitutable coal and increase self-reliance in coal production.
- The government will invest Rs 50,000 crore for building evacuation infrastructure.
- The government has attempted kickstarting commercial coal mining in India -starting with the amendment of Coal Nationalisation Act in 2015.
- The move is in recognition of the fact that state-run Coal India is expected to ramp up production to 1 billion tonne by 2023-24.
- The proposed investments will include `18,000 crore worth of investments in mechanised transfer of coal (conveyor belts) from mines to railway sidings.
About Coal India Limited(CIL)-
- Coal India Limited (CIL) is an Indian state-owned coal mining and refinery company.It is the largest coal-producing company in the world and a Maharatna PSU.
- Founded – 1975
- Headquarters – Kolkata, West Bengal
- Chairman & Managing Director – Pramod Agarwal
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