Coal news and updates

Coal sector reforms will be top on the agenda of the new government headed by Narendra Modi so as to attract private sector investment in a transparent way,  President Pranab Mukherjee said.

 

"Reforms in the coal sector will be pursued with urgency for attracting private investment in a transparent manner," Mukherjee said in his address to Parliament. Outlining the policies of the Modi government, he said the new government will come out with transparent and clear policies for allocation of coal blocks amid concerns over discretionary powers in allocation of resources.  

 

"The government will formulate clear and transparent policies on allocation of critical natural resources such as coal, minerals and spectrum," Mukherjee said. He added: "In the recent past, serious concerns have been expressed regarding use of discretionary powers in allocation  of our precious natural resources."  

 

The Centre has earlier drawn flak from various quarters for allotting coal blocks to private firms instead of  auctioning them. The Comptroller and Auditor General of India (CAG), the government auditor, had estimated a notional loss of Rs 1.86   lakh crore to the national exchequer on account of allotting 57 mines to private firms without auctioning them.   

 

The CBI is probing 195 coal block allocations and in 16 of these cases, it has found prima facie material, which    indicate cheating, criminal misconduct and corruption, based  on which it has registered FIRs.   

 

All these FIRs are rooted in three preliminary enquiries related to coal blocks allotted between 2006 and 2009, 1993    and 2004 and projects given under the government dispensation  scheme. The government also set up an inter-ministerial panel, which reviewed the progress made in development of mines and    cancelled 29 block allocations during the previous two financial years.   

 

Earlier, while taking charge of his ministry, Coal Minister Piyush Goyal promised a more effective delivery of   public services, saying "processes will be set right" in the 'headline-seeking' coal ministry.         

 

 

Source: http://www.deccanchronicle.com/