Cabinet Committee on Economic Affairs, CCEA has approved methodology for the auction of coal mines and blocks for sale of coal.
Briefing media in New Delhi today, Coal Minister Piyush Goyal said, the opening up of commercial coal mining for the private sector is the most ambitious reform in the coal sector since the nationalisation of this sector since 1973.
The methodology gives the highest priority to transparency, ease of doing business, and ensuring that natural resources are used for national development. It is expected to bring efficiency by moving from an era of monopoly to competition.
The Minister said the higher investment will create direct and indirect employment in coal-bearing areas, especially in the mining sector. He said it will also incentivise coal-bearing states with increased revenue