New Delhi:
Finance Minister Arun Jaitley is addressing a press conference about the meeting of the Union Cabinet. Here are the highlights:
- Power, cement and steel are three priority sectors.
- India importing coal even when it has surplus.
- Power, steel going through tough times.
- Government will bring in ordinance for reallocation of coal blocks
- The ordinance has the following important features:
- As far as the state sector requirements are concerned, coal mines would be allocated to them
- As far as the private sector is concerned, actual users of cement, steel and power (sectors) who apply - a certain number of coal mines will be put in the pool and there would be an e-auction
- The auctions will also determine the valuations - a transparent process would decide on the allocation of these mines
- This process will be completed in the next 3-4 months
- Proceeds of all auctions would go the state government entirely
- States like Jharkhand, Odisha, West Bengal, Chhattisgarh would be the biggest beneficiaries
- There would be a financial empowerment of the eastern states
- Since the emphasis of the government is on manufacturing sector, an expeditious disposal of this process would give a huge impetus to the manufacturing sector
- This would not impact Coal India - it will continue to function as is
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