Tag: coal mining

Cabinet nod for FDI in coal mining

The Union Cabinet approved an ordinance to amend two laws to ease mining rules, enabling foreign direct investment in coal mining. At a Cabinet meeting chaired by Prime Minister Narendra Modi, the ordinance to amend the Mines and Minerals (Development and Regulation) Act, 1957 and the Coal Mines (Special Provisions) Act, 2015 was approved. Joshi said the ‘historic’ decision would boost the ease of doing business and increase the growth avenues. He announced the Coal India would be strengthened and the government was aiming at achieving production of one billion tonnes by 2023-2024. 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. Petroleum and Natural Gas and Steel Minister Dharmendra Pradhan said the steel industry would get cheaper inputs, leading to an increase in ‘competitiveness’. The Centre has also given in-principle approval for the strategic disinvestment of Neelachal Ispat Nigam Ltd (NINL), India’s largest exporter of saleable pig iron, by allowing its public sector shareholders to sell their stakes in the company. The strategic buyer will be identified through a two –stage auction procedure.