The central government’s decision to allow up to 100% foreign direct investment for anycommercial coal mining project does not mean a ready flow of such money, says astudy.As global capital flees thermal coal, the time is not congenial to attract foreigninvestment.
Leading global investors are moving towards renewable energy, says theDelhi-based Centre for Financial Accountability.
Singareni Collieries Company Ltd (SCCL) has increased coal supply to APGenco from15,000 Metric Tonnes to 30,000 Metric Tonnes and Mahanadi Coalfields Ltd (MCL) toimprove supplies from 7,500 Metric Tonnes to 19,000 Metric Tonnes for thermal plantsin Andhra Pradesh.
Telangana Chief Minister K Chandrasekhar Rao instructed SCCL to improve thesupplies to APGenco thermal plants after Andhra Pradesh Chief Minister YSJaganmohan Reddy sought more supplies. APGenco thermal plants have lately beenhit by lower supplies due to workers’ strike in MCL and SCCL.
On Thursday (September 26, 2019), the Indian rupee strengthened by 16 paise to close at 70.88 against the US dollar as investor sentiment got a lift after US President Donald Trump said a trade deal with China could happen sooner than expected.
Finance minister Nirmala Sitharaman is expected to meet secretaries of infrastructure-related ministries and heads of public sector enterprises over the next two days to take stock of what more needs to be done to revive the economy and push up investments.
“The issues that are likely to come up for discussion include ways to push up spending across sectors and timely release of payments to ensure that projects are not delayed/stuck for paucity of funds,” a government official told.
To ramp up domestic coal production and cut import bills, the government is planning to relax a host of environmental and land usage norms to help mine owners receive clearances faster and more easily.
The Union coal ministry is considering a proposal to allow restored/reclaimed land of Coal India for compensatory afforestation, which is mandatory under the Forest (Conservation) Act, 1980.