Prime Minister Narendra Modi launched commercial coal mining with the auctioning process for 41 blocks, that will open up the sector to private sector and foreign players. The Prime Minister said that the move will allow private companies to unlock the resource in India. He said that commercial coal mining will help states in generating more revenue and creating more employment opportunities in areas rich with coal reserves.
India is expected to save around Rs 30,000 crore annually on import bill of thermal coal on account of commercial mining of blocks, Coal Minister Pralhad Joshi said. He said the opening of the coal sector to private companies is expected to generate employment for more than three lakh people.
Prime Minister Narendra Modi will address the launch event of the auction of 41 coal mines for commercial mining on June 18, 2020 outlining his vision for the country to achieve self-reliance in the mining sector which is the key source of input for many basic industries like power, steel, aluminium and sponge iron.
Renewable energy accounted for over 40% of the global growth in primary energy in 2019, larger than any other fuel, according to a recent report by BP. It added that as a result, renewables increased its share in the energy mix from 4.5% in 2018 to 5%.
The International Energy Agency (IEA) set out an energy sector roadmap for governments to spur economic growth and cut carbon emissions that would require a $1 trillion annual investment over the next three years.