Finance Minister Nirmala Sitharaman, on Thursday, invited greater investments in coal production, saying the country offers policy stability, transparency and a consultative governance process to incubate investment.
She said, "Under Prime Minister Narendra Modi, consistency of policy in the last eight years has become favourable and offers a positive environment for investments and manufacturing. With this, India creates greater ambience and above all consultative processes with the stakeholders..."
Launching the (6th round of commercial mines) auction processes, she said, "We need greater investments to help in the gasification of coal."
The minister said India has the world's fourth-largest coal reserves and is its second-largest producer. In the current regime, coal imports have decreased significantly, and production has increased.
On the occasion, Coal Minister Pralhad Joshi said 141 coal and lignite mines would be put up on sale in the 6th round of commercial mines auction. So far, he noted that around 67 coal mines have been put up for sale under commercial mining.
He said the ministry had eased certain auction provisions, including a reduction in the upfront amount and easing the exit route.
Joshi further said the finance ministry had extended a Rs 6,000 crore incentive for coal gasification and Rs 250 crore for the exploration process.
(Published 03 November 2022, 17:09 IST)
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