Monday, 23 Nov 2009
DNA reported that government is planning to introduce competitive bidding for allocation of coal blocks for captive use by next March, a move which is likely to increase coal production in the country.
It is likely to push the amendment bill to the Mines and Minerals (Development and Regulation) Act 1957, in the winter session of Parliament.
Mr Sriprakash Jaiswal said that "In the current system, a lot of non-serious players managed to get mines which they do not plan to develop. We want only serious players to get the coal mines and that will happen only when someone has to fulfil all the requirements to win the bid.”
The ministry said that the policy for competitive bidding of captive coal blocks will come in the next 2 to 4 months that is within this fiscal.
He added that the amendment will allow the government to introduce some structural reforms in the mining sector and bring in a regulator to overcome delays in the current system that, in turn, will attract private investment in a bigger way.
Mr Jaiswal said that "Competitive bidding will not only bring more transparency in the system but also improve government's revenues.”
DNA reported that government is planning to introduce competitive bidding for allocation of coal blocks for captive use by next March, a move which is likely to increase coal production in the country.
It is likely to push the amendment bill to the Mines and Minerals (Development and Regulation) Act 1957, in the winter session of Parliament.
Mr Sriprakash Jaiswal said that "In the current system, a lot of non-serious players managed to get mines which they do not plan to develop. We want only serious players to get the coal mines and that will happen only when someone has to fulfil all the requirements to win the bid.”
The ministry said that the policy for competitive bidding of captive coal blocks will come in the next 2 to 4 months that is within this fiscal.
He added that the amendment will allow the government to introduce some structural reforms in the mining sector and bring in a regulator to overcome delays in the current system that, in turn, will attract private investment in a bigger way.
Mr Jaiswal said that "Competitive bidding will not only bring more transparency in the system but also improve government's revenues.”
(Sourced from DNA)
Review: http://steelguru.com/news/index/2009/11/23/MTIxODk3/India_plans_auction_of_coal_blocks.html
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