Coal news and updates

Welcoming Supreme Court judgement as ending of uncertainty, Coal and Power Minister Piyush Goyal today said the government is ready to act quickly once the court delivers its final view on the coal mines allocation, which it has declared illegal. 

 

The government is awaiting Supreme Court to deliver its final view on how the mines "illegally" allocated between 1993 and 2010 should be treated, Goyal told reporters here. 

 

Later, Goyal went to meet Prime Minister Narendra Modi. "The fact that this has brought to finality and closure a dispute or problem that has been for many years ... (It is) a big plus for the Indian economy. I think in fact they should have been immensely pleased that the economy can now move forward rapidly rather being cast with the shadow of uncertainty," he said. 

He said the clarity of law in policy and certainty of future are the "hallmarks of a good economy and will be liked by the investor community", with coal sector poised for progress after being in "limbo" for long. 

 

His remarks follow the Supreme Court ruling that all coal block allocations between 1993 and 2010 had been done in an illegal manner by an "ad-hoc and casual" approach "without application of mind". 

 

"I would look forward to finality in the matter of coal block allocations, which have for several years now kept the sector in limbo, and with the finality that one can expect very soon, I hope that the sector can start progressing," he said. 

 

"I respect the judgement of the Supreme Cout and am also happy that they have set a date for further hearing," he added.

 

Goyal said economy can now move forward rather been cast in shadow of uncertainty and the government is ready to act quickly post the apex court's final order. 

 

 

Source: ET