Coal news and updates

Modi allots power, coal to Piyush Goyal, aiming to revive investment

With the disconnect between the departments of power and coal stalling major projects, Prime Minister Narendra Modi's idea of bringing the two under one minister is likely to reverse the trend of declining investment in the sector and provide power for all.

Promising a more effective delivery of public services, new minister of state for coal, power and new and renewable energy, Piyush Goyal, said "processes will be set right" in the "headline-seeking" coal ministry and a "turnaround" was on anvil for the power sector.

"Minimum government and maximum governance" will top the agenda of the minister, who said "transparency" would be a key factor in the functioning of these ministries. Goyal has independent charge of the portfolios and assumed charge of all the ministries on Tuesday.

"The three ministries have been brought under one umbrella so that we can all work in tandem, hopefully cut down some costs and ensure that the objectives which he (Modi) has laid down for his government and the delivery mechanism to achieve those objectives can be streamlined," Goyal told reporters after assuming charge in the ministry of coal.

About plans to set right things at the coal ministry, he said, "What is important is that we set the processes right and we follow procedure and policies. If we are all able to get into a framework of working within the system which is laid down without discretionary exceptions being made to government working, I am fairly confident we can ensure transparency in the working of this ministry."

The Centre had drawn flak for allotting coal blocks to private firms instead of auctioning them. The Comptroller and Auditor General had said the allotment of 57 mines to private companies had resulted in a notional loss of Rs 1.86 lakh crore to the exchequer.

The government set up an inter-ministerial panel, which reviewed the progress made in the mines and cancelled 29 block allocations during the previous two financial years.

"I am fairly confident we can settle a lot of things right so that as we go along, things are simplified, rationalised and far more honest than what we have seen in the last few years," Goyal said.

"There are a lot of challenges, synergies between various ministries. This has been recognised by this government, in transport, this ministry and several others. It reflects on his (Modi) mind that he wants to de-bottleneck these sectors," he added.

"Must thank Mr Modi that he thought me fit to be able to handle such a critical portfolio as expanded with the other energy ministries. The responsibility on us gets bigger and we hope we don't let the nation down," he said.

Source: PTI