SME Times News Bureau | 29 Aug, 2019
The decision of 100% FDI under automatic route
for coal mining activities including associated processing, infrastructure in
the coal sector is the biggest reform by Modi Government which will help
provide power to all 24x7, said Union Minister of Parliamentary Affairs, Coal
and Mines Pralhad Joshi.
In a statement, Pralhad Joshi said, “100% FDI is
the biggest reform of our times and the influx of international players will
create an efficient and competitive coal market in India. It is expected to
bring state of the art coal mining technology to the country which will help in
environmentally sustainable mining.”
“This decision will also create direct and
indirect employment in coal bearing areas and will have a positive impact in
the economic development of these regions,” he added.
He said the reform is likely to help the coal
bearing states get more revenue and bring in more players to create an
efficient and competitive coal market.
Terming the measure as part of
ease-of-doing-business he said it will provide impetus to the economy. Mr Joshi
reiterated that this step will also lead to energy security of the country as
70% of India’s electricity is generated from thermal power plants.