100% FDI will create a Competitive Coal Market- Joshi

New Delhi: 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 24×7. The union cabinet headed by Prime minister Modi had taken a decision to relax 100% FDI in the coal sector.

'Biggest reform of our times'

In a statement, Pralhad Joshi, Union Minister of Parliamentary Affairs, Coal and Mines 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".

'Decision will boost job creation'

The minister said the relaxed rules on FDI is going to impact job creation positively. "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, 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" he added.

"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, 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"_ Pralhad Joshi

Terming the measure as part of ease-of-doing-business he said it will provide impetus to the economy. Joshi reiterated that this step will also lead to the energy security of the country as 70% of India's electricity is generated from thermal power plants.
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