RBI announces several measures to accelerate economy
CW reports industry reactions on the measures and how they will benefit the market April 2020
CIL is currently given the target of producing 660 million tonne of coal amounting to 82 per cent of the country’s coal output. CIL is also likely to offer around 10,000 new jobs to boost employment. The minister has directed CIL to take the necessary steps to achieve this goal in light of the growing energy requirements of the country and has assured it all possible help from the coal ministry in this regard.
“It is heartening to know that Coal India has planned for huge capital investments for its works and expansion programmes, along with bringing in new technologies in its operations. The company will also be on hiring personnel and I am hopeful that it will achieve all assigned goals on time,” Pralhad Joshi said, as per a PIB release.
The minister said that with the demand for power rising steeply, there is enough opportunity for both government and private sectors to produce coal without adversely impacting each other. Referring to the Central Government’s recent decision of 100 per cent FDI under automatic route in coal sector, as one of the much-needed structural reforms in the sector, he said that it will minimise the volume of coal import and will be mutually beneficial. The minister sought to allay the fears of domestic players and labour unions by reiterating that FDI in coal does not stand for FDI in Coal India.
During his address, he urged CIL to get associated Jal Shakti Abhiyan to conserve water and provide treated mine water to the populace living in and around coal mining areas. The minister also enumerated the milestones in policy reforms of the government like introduction of e-auction for allocation of captive coal blocks, Scheme for Harnessing and Allocating Koyala Transparently in India (SHAKTI), third party sampling of coal, re-gradation of coal mines in India, etc.