India to Get Its Own Mineral Trading Exchange, Says Union Minister Kishan Reddy

Union Minister for Coal and Mines G Kishan Reddy on Saturday said the Centre would set up a mineral trading exchange similar to the London Metal Exchange.

What Did The Minister Say?

While speaking to the media, he said that the mineral exchange would be established according to the norms of the Securities and Exchange Board of India (Sebi).

"Like the London Metal Exchange, we are going to set up a mineral exchange in India," he said.

The proposed mineral exchange is going to facilitate better price discovery for industries, traders as well as other stakeholders. Mineral exchange was also made a part of the recently-passed legislation and the guidelines concerned would be issued soon. he added.

When asked if the US tariffs would have any impact on the domestic coal industry, he said it would not be much, adding that the country exports aluminium to America  in a small measure.

According to Reddy, the government had reduced coal imports substantially, saving foreign exchange to the tune of Rs 60,000 crore.

He further added that the steelmakers in the country have boilers built for using good quality imported coal, but the government is requesting private steel companies to calibrate the boilers to use Indian coal, which would reduce dependence on imports.

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