Briefing the media, Coal Minister Piyush Goyal said that the opening up of commercial coal mining for the private sector is the most ambitious reform in the coal sector since the nationalisation of this sector since 1973.
The Union Cabinet on Tuesday ended the monopoly of the state-owned Coal India Limited (CIL) by approving a new methodology for the auction of coal mines and blocks for the sale of coal.
Briefing the media, Coal Minister Piyush Goyal said that the opening up of commercial coal mining for the private sector is the most ambitious reform in the coal sector since the nationalisation of this sector since 1973.
"This reform is expected to bring efficiency into the coal sector by moving from an era of monopoly to competition. The higher investment will create direct and indirect employment in coal bearing areas especially in mining sector and will have an impact on economic development of these regions," he said.
According to a Cabinet note this reform will ensure an assured coal supply, accountable allocation of coal and affordable coal leading to affordable power prices for consumers.In another major policy initiative to protect the savings of the investors, the Union Cabinet approved introduction of two bills in Parliament namely — The Banning of Unregulated Deposit Schemes Bill, 2018 and The Chit Funds (Amendment) Bill, 2018. They are aimed at tackling the menace of illicit deposit-taking activities in the country.
Officials said the legislation was necessary because companies and institutions running such schemes used to exploit existing regulatory gaps and due to lack of strict administrative measures, poor and gullible people were duped of their hard-earned savings.
The Chit Funds (Amendment) Bill, 2018 is also aimed at facilitating the orderly growth of the Chit Funds sector and remove bottlenecks being faced by the Chit Funds industry.
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