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Transparent coal auction to help MP raise Rs 40,000 cr: Narendra Modi

Coming down heavily on the previous United Progressive Alliance (UPA) government for committing gross irregularities in the allocation of coal blocks, Prime Minister Narendra Modi on Thursday said by the new auction method, introduced by his government, a state like Madhya Pradesh would earn about Rs 40,000 crore by selling its coal blocks.

"This is what we have done in 11 months, our nation would have a revenue of Rs 1.10 lakh-crore from the auction of only 19 coal blocks of the total 204 coal blocks. Imagine how much the nation would earn when we auction all 204 coal blocks," said the prime minister. He was addressing a gathering in Dongaliya village of Khandwa district in west Madhya Pradesh.

The prime minister said the UPA government's policies led to loss of about Rs 1.86 lakh-crore. He said he had ensured transparency in auction system since he had pledged during electioneering for the Lok Sabha polls that he would not serve as prime minister but as a watchman to keep vigil on every single penny of public that is invested in national development. "I have no personal agenda to pursue," Modi said.

He said Mahatma Gandhi used to say that patriotism does not end with undertaking satyagraha, or agitations. Patriotism lies in even saving resources for future generation. By saving power, Modi said, every citizen could serve the nation and can ensure bright future for the next generation.

source: http://www.business-standard.com