Coal Ministry to launch auction process of 40 new coal mines next week

In accordance with Aaatma Nirbhar Bharat's vision, the Ministry of coal has adopted a rolling auction mechanism to further succeed to help reduce India's coal imports and ensure energy security. In a recent update, the Ministry of Coal on October 12 will launch 40 new coal mines' next round of auction processes for the sale of coal. 

The official release by the Ministry of Coal stated, "Since the Ministry has entered into a rolling auction mechanism, the coal mines rolled over from the previous tranche will also be on offer. Union Minister of Coal, Mines and Parliamentary Affairs Pralhad Joshi will be the chief guest of the launch event to be held on October 12 in the Ministry". 

The release further informed that under the leadership of Prime Minister Narendra Modi, the Ministry of Coal and the Government of India, are on a continuous journey to reform the coal sector and unlock value for the economy of the country.

Coal production to be increased by 2024

The Ministry of Coal on October 5, finalized an Agenda Document for the current fiscal year 2021-22 with an aim towards reformation in the coal sector. Coal sector reforms, transition and sustainability, institution building, and futuristic agenda, are the four areas that will be majorly focused on in the document. The MInistry has further aimed to complete 1 billion tonnes of coal production by 2024. The Secretary of Coal Ministry will review the monitoring and reviewing framework that has been designed for mid-course directions and alignments.

'There is no coal crisis in India'

Earlier on October 5, responding to the latest reports of the coal shortage in India, the Union Power Minister RK Singh denied the claims and stated that there is no such crisis in India and that the country has a sufficient amount of coal just like China to fulfill the increasing demands too. RK Singh further informed there is a rise in consumption of electricity amid COVID-19 due to which there is an increased demand for coal. He had told ANI, "The demand for coal has increased and we are fulfilling this demand. We are in a position to meet the further rise in the demands."

(With ANI input)

(Image: PTI)