PM Modi launches coal mine auction, says India will turn COVID-19 crisis into opportunity

New Delhi, June 18: Prime Minister Narendra Modi has on Thursday addressed the launching of auction of 41 coal mines for commercial mining, via video conference.

India's coal ministry has launched the auction process of 41 blocks for commercial mining on Thursday with an aim to achieve self-sufficiency in meeting energy needs and boost industrial development amid the coronavirus pandemic.

To make India self-reliant in the energy sector, a major step is being taken today, says PM Narendra Modi.

"India will turn this COVID-19 crisis into an opportunity. It has taught India to be self-reliant. India to reduce its dependence on imports," says Prime Minister Narendra Modi at the launch of auction of 41 coal mines for commercial mining.

The PM conveyed his gratitude to those participating in this event.

"Everyone participating in this event from home and abroad are most welcome. Having such an event in this challenging time & all of you joining it, is a big message in itself."
PM Modi also said, "We have set a target to gasify around 100 million tonnes of coal by 2030. I have been told that 4 projects have been identified for this and about 20 thousand crores will be invested in them."

"The auction of 41 coal mines for commercial mining today is taking place at a time when business activity in India is normalizing rapidly. Consumption and demand is rapidly approaching the pre-COVID level. In such a situation, there cannot be a better time for a new beginning."

Coal and mines minister Pralhad Joshi was also present during the launch event.

According to the statement of coal ministry, the commercial mining of these 41 coal blocks is expected to generate approximately INR 33,000 crore of capital investment in India over the next five to seven years.

Also, these blocks will contribute INR 20,000 crore revenues annually to the state governments.

The government said, these mines will contribute about 15 per cent of the country's projected total coal production in 2025-26.