Prime Minister Narendra Modi today said India has taken the big decision to fully open the coal and mining sector for competition, capital, participation, and technology.
Addressing the launching of auction of 41 coal mines for commercial mining, via video conference, Mr Modi said a major step is being taken today to make India self reliant in the Energy sector. He said the government is not only launching an auction for commercial coal mining, but also taking the coal sector out of decades of lockdown.
The Prime Minister pointed out the irony that India has the fourth largest coal reserve in the world, is the second largest producer in the world, but is also the second largest coal importer.
He said the situation has lasted for decades now and the coal sector was kept entangled in the web of Captive and Non Captive. He added that the sector was excluded from competition and transparency was a big problem.
Mr Modi said India will overcome the Covid19 pandemic and the country will turn this crisis into opportunity. He said the pandemic has taught India the lesson of being self reliant.