Coal and Mines Minister Pralhad Joshi has said that the decision of 100 per cent Foreign Direct Investment (FDI) under automatic route for coal mining activities is the biggest reform by Modi Government.
He said, this will help provide power to all 24×7. In a statement, Mr Joshi said, 100 per cent FDI is the biggest reform 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.
The Minister said, 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 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. Mr Joshi reiterated that this step will also lead to energy security of the country as 70 per cent of India’s electricity is generated from thermal power plants.
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