Govt to spend ₹50,000 crore to develop coal sector: Nirmala Sitharaman
Union minister Nirmala Sitharaman said on Saturday the government will explore commercial mining in the coal sector through private sector participation as she unveiled the fourth tranche of economic stimulus measures announced by Prime Minister Narendra Modi.
“Coal is a government monopoly, that monopoly is now being removed,” Nirmala Sitharaman said during a press briefing.
She said the government will spend ₹50,000 crore to develop coal sector infrastructure and introduce competition, transparency, and private sector participation in the sector.
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It will be through a revenue-sharing mechanism instead of the regime of fixed rupee/tonne, she added.
Coal is among the eight sectors including minerals, defence production, airspace management, MROs, power distribution companies, space sectors, atomic energy which will be in focus, the finance minister said.
She was announcing the fourth tranche of the ₹20 lakh crore package announced by Prime Minister Narendra Modi during his address to the nation on May 12, vowing to make India atmanirbhar or self-reliant.
The finance minister held her first press conference to share details of the stimulus package on Wednesday. The second and third phase of announcements on Centre’s economic package were made on Thursday and Friday.
Her last press conference will be on Sunday.