Gold
87 coal mines auctioned in 3 years
In three years, the government has put up for auction 87 coal mines that, once they are operating, will bring in an estimated 332,000 million in revenue and create jobs, according to a statement released on Tuesday. According to the Coal Ministry, Prime Minister Narendra Modi initiated the first-ever round of commercial coal mine auctions in June 2020 with a vision of Aatmanirbhar Bharat.
The government changed the mineral laws to open the coal industry, give public and private sector players a level playing field, and allow the auction of coal mines without any restrictions on end use. According to the government, coal from these mines can be used for own consumption, sale, or for any other purpose.
The seventh round of business auctions will begin on Wednesday when the ministry lists 106 coal mines.
Also, it will be signing the contracts for the 28 coal mines that will be up for auction in the sixth round of auctions.
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