New Delhi: Union Minister of Coal and Mines Pralhad Joshi said on Monday that the government has announced an investment of Rs 50,000 crores under “Aatma Nirbhar Bharat Abhiyan” to create and develop infrastructure facilities for Coal India Limited (CIL). It will help CIL to achieve 1 billion tonnes of coal production target by the financial year FY 2023-24. It’s also an opportunity for Coal India to open up new mines and increase coal production to reduce the country’s coal imports saving valuable foreign exchange. The coal minister said that he expects CIL will substitute 100 million tonnes of coal import annually in the near future.
Joshi reiterated that the government does not intend to privatise Coal India. Instead of privatisation, the government is strengthening Coal India and will continue to do so.
Govt is Strengthening @CoalIndiaHQ with new coal blocks, simplifying approval processes and adding more workforce so that coal companies can work more efficiently and contribute to the growth in nation's economy. #CoalIndia2GrowStronger pic.twitter.com/vD62cNIckj— Pralhad Joshi (@JoshiPralhad) May 18, 2020
He further added that CIL has coal reserves which will last for over 100 years. Recently, the government has allotted 16 new coal blocks to CIL, and reportedly the best ones, to help it fuel the Indian economy.
He reassured the Coal India family that the government is proud of CIL and it will only strengthen it in the days to come.
The news came a day after when Union Finance Minister Nirmala Sitharaman said that there will be a maximum of four public sector companies in strategic sectors, and state-owned firms in other segments will eventually be privatised.
(PSU Watch- India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)