Union Cabinet approves Auction of Coal Blocks for Commercial process

     Written by : SMTV24x7 | Tue, Feb 20, 2018, 05:26 PM

Union Cabinet approves Auction of Coal Blocks for Commercial process

New Delhi Feb 20: The Union cabinet under the chairmanship of PM Modi has taken a key decision today. The Cabinet has approved the auction of coal blocks for private players for commercial purposes.

Railway Minister Piyush Goyal has said that "the methodology gives the highest priority to transparency, ease of doing business and ensuring that natural resources are used for national development."

He added that " commercial coal mining will help increase efficiency and productivity in the sector and will attract fresh local and foreign investments.It will also lead to the availability of low-cost power and Coal India will benefit from the government’s move."

He has also said that "the coal auction would be held in a transparent manner and would be conducted under the provisions of Coal Mines (Special Provisions) Act, 2015 and Minerals (Development and Regulation) Act, 1957."

The coal auction would also help industries which would enable private players to participate in the process.