Addressing the launch of the auction of 41 coal mines for commercial mining, Prime Minister Narendra Modi on Thursday, 18 June, said "a major step is being taken today to make India self-reliant in the energy sector."
"India will turn this COVID-19 crisis into an opportunity. It has taught India to be self-reliant. India (will) reduce its dependence on imports," he was quoted by ANI as saying at the launch.
“For decades, the country’s coal sector was entangled in a web of captive and non-captive. It was excluded from competition, there was a big problem of transparency. After 2014, several steps were taken to change this situation. Coal sector got strengthened due to the steps taken.”PM Modi, as quoted by ANI
Allowing private sector in commercial coal mining is unlocking resources of a nation with the world's fourth largest reserves, he added.
“We have set a target to gasify around 100 million tonnes of coal by 2030. I have been told that four projects have been identified for this and about 20 thousand crores will be invested in them,” Modi said, reported ANI.
The auction of 41 coal mines for commercial mining is taking place, which is an indication that business activity in India is “normalising rapidly,” he said.
With consumption and demand increasing, just like how it was before the coronavirus pandemic struck the country, this is a fitting time for a new start, he added.
“The government has taken an important decision to open up coal, mining sector to competition, capital and technology.”Prime Minister Narendra Modi, as quoted by PTI
He emphasised that India should become the world's biggest coal exporter considering the size of its reserves.
This could expand employment opportunities and invite more revenue for the country.
His address virtually comes amid the coronavirus pandemic, which has infected more than 3.66 lakh people in India, and dealt a severe blow to the economy with the stringent nationwide lockdown that lasted for over two months.
Amid the pandemic, Modi has pushed for the idea of an 'Atmanirbhar Bharat' (self-reliant India).
Modi also stated how the rural economy is picking up speed with wheat procurement and production, indicating that the situation is not very grim even amid the present health crisis.
(With inputs from ANI and PTI)
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)