On Wednesday, the Union Cabinet approved an ordinance to amend 2 laws to ease mining rules, enabling foreign direct investment in coal mining.
At a Cabinet meeting chaired by PM Narendra Modi, the ordinance to amend the Mines & Minerals (Development & Regulation) Act, 1957 & the Coal Mines (Special Provisions) Act, 2015 was approved, Parliamentary Affairs & Coal Minister Pralhad Joshi said at a press conference. He said the ‘historic’ decision would boost the ease of doing business & increase the growth avenues. He said the Coal India would be strengthened & the government was aiming at achieving production of one billion tonnes by 2023-2024.
"End-Use restrictions” had been done away with allowing “anyone to participate in the auction of coal blocks," said Mr Joshi.
He said that the ordinance would strengthen the auction process of those mines whose leases were expiring on March 31, 2020. Seamless transfer of clearances would also be facilitated, he said.
Petroleum & Natural Gas & Steel Minister Dharmendra Pradhan said the steel industry would get cheaper inputs, leading to an increase in ‘competitiveness’.
Source Link
Picture Source :
