PM Modi launches auction of coal mines, says India will turn Covid crisis into opportunity

Prime Minister Narendra Modi today launched the auction of 41 coal mines for commercial mining saying that this is a major step in making India self-reliant in energy sector.

"The market for coal is now open. It will help all sectors," PM Modi said adding that India will fight coronavirus and win the war against it.

"India will turn this COVID19 crisis into an opportunity. It has taught India to be self-reliant. India to reduce its dependence on imports," Modi said.

PM Modi Speech:

-We took many steps to change the scenario and strengthen the coal sector; now India has taken a historic decision of opening up the sector, in order to promote competition, investment, participation and technology, steps taken to also encourage new players: PM Modi

-Coal sector reforms will have positive impact on many other sectors such as power, steel, aluminium, cement, fertilizers: PM Modi

- ₹20,000 crore investment will be made in 4 coal gasification projects to convert vast resources in environment friendly fuel: Modi

-Commercial coal block auction win-win for industry users; new resources will open up, states to get more revenue, employment: PM

-Opening up of coal sector being done with measures to protect environment; 100 MT of coal will be converted to gas by 2030: PM

-The auction (of 41 coal mines for commercial mining) today is taking place at a time when business activity in India is normalizing rapidly. Consumption and demand is rapidly approaching the pre-COVID level. In such a situation, there cannot be a better time for a new beginning: PM Modi

-Govt has taken important decision to open up coal, mining sector to competition, capital and technology: PM Modi

-India should be world's biggest coal exporter considering size of reserves, says PM lambasting past policies of keeping the sector closed

-"For decades, the country's coal sector was entangled in a web of captive&non-captive. It was excluded from competition, there was a big problem of transparency. After 2014, several steps were taken to change this situation. Coal sector got strengthened due to steps taken," PM Modi said.

-We have set a target to gasify around 100 million tonnes of coal by 2030. I have been told that 4 projects have been identified for this and about 20 thousand crores will be invested in them: Modi

-Allowing private sector in commercial coal mining is unlocking resources of a nation with the world's fourth largest reserves: PM Modi