For Quick Alerts
For Daily Alerts

Finance Minister Announces Commercial Mining In Coal


Finance Minister, Nirmala Sitharaman as a part of her fourth tranche of the Economic Package today announced that commercial mining of coal would be initiated, from a monopoly. She said that Coal Bed Methane extraction could also be tapped, through deposits.

Finance Minister Announces Commercial Mining In Coal

"Rs 50,000 crores for evacuation infrastructure in Coal would be created," she said. Nearly 50 blocks would be offered initially, and any party could bid for the same.

The government will move towards a revenue sharing mechanism instead of fixed pricing,

Currently, Coal India and its subsidiaries, have a virtual monopoly in coal mining. With the commercialisation of the same, there could be monopoly that is broken.

The move will also help reduce the dependence on imported coal.

Story first published: Saturday, May 16, 2020, 16:36 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more