The PM-elect wants to fix the coal sector; cut coal imports by boosting output.
In a bid to break the monopoly of public sector over coal, the government proposed to introduce legislative changes allowing for private mining while liberalising norms for allotment of captive blocks permitting trading of coal.
Euphoric about India's biggest IPO, possibly to garner up to Rs 15,000 crore, from the world's largest coal producer CIL, Coal Minister Sriprakash Jaiswal on Friday said October is an "auspicious" month to launch the issue.
Arun Bhagat, former Central Bureau of Investigation additional director and Intelligence Bureau retiree tells Gyan Varma that the CBI has never been autonomous, thanks to government interference in cases involving important personalities
In a bid to check industrial unrest, the government on Friday extended "the public utility service" status of the coal industry till December 17.
India is expected to cut imports by a fifth in the fiscal year.
The growth of eight key infrastructure sectors rose to a 14-month high of 12.1 per cent in August 2023 against 4.2 per cent a year ago, mainly due to expansion in production of coal, crude oil, and natural gas, according to the official data released on Friday. The expansion in August is the highest since June 2022, when it was 13.2 per cent. The production of refinery products, steel, cement and electricity also grew in August, the data showed.
The 17 related ministries have been combined into seven different groups, including some infrastructure departments, in a bid to ensure synergy and better results.
The Supreme Court is expected to deliver its final verdict on coal mine allocations later this week.
According to latest data (October 13) by the Central Electricity Authority, total fuel stocks at 103 coal-based stations have come down to 7.2 million tonnes.
The Congress on Wednesday said the Supreme Court judgment on certain matters relating to transactions by the Adani Group has proven to be 'extraordinarily generous' to Securities and Exchange Board of India (SEBI) and asserted that the party's fight against crony capitalism and its ill-effects on prices, employment and inequalities will continue.
The government on Wednesday expressed disappointment over a French company snapping up Mahatma Gandhi's Johannesburg house, through Sotheby's auction firm, but said it will continue efforts to acquire the heritage property through a public sector company."The matter concerns national sentiment and I will leave no stone unturned to acquire the historic property and declare it a national monument," said Union Coal Minister Sriprakash Jaiswal.
Production of eight infrastructure sectors recorded an almost flat growth rate of 6 per cent in February as against 5.9 per cent in the same month last year, according to official data released on Friday. The growth in February is lowest in the last three months. The output of core sectors had increased by 8.9 per cent in January 2023 and 7 per cent in December 2022.
The mines ministry has sought Prime Minister Manmohan Singh's intervention in bailing out aluminium giant Nalco of the acute paucity of coal, which has forced the PSU to close down two of its captive power plants.
The recommendation, if implemented, could severely dent coal miners' bottom line.
India offers policy stability, transparency and consultative process of governance to incubate investment, Finance Minister Nirmala Sitharaman said on Thursday as she invited investments in prospecting energy resources in the country. Stressing that there is a need for investments in coal, she said, "We need greater investments also to help in gasification of coal. I invite all of you to energetically participate in the (sixth round of commercial mines) auction processes which have been launched today and keep your options also further extended for greater extraction of minerals in India." During this 'Amrit Kaal', India needs all the basic minerals as the country is in the process of rapid growth, she added.
The Union Government on Thursday said that 5.9 million tonnes of lithium reserves have been found for the first time in the country in Jammu and Kashmir. Lithium is a non-ferrous metal and is one of the key components in EV batteries. "Geological Survey of India for the first time established Lithium inferred resources (G3) of 5.9 million tonnes in the Salal-Haimana area of the Reasi district of Jammu and Kashmir," the ministry of mines said on Thursday.
The agency said files of the case were sent to competent authority.
There is a strong hint that the proposed IPO will be of 11 per cent instead of the earlier plan of 15 per cent (10 per cent public, 2 per cent employees and 3 per cent land losers).
Stressing the need for coal sector reforms, the presentation said, "Independent regulation of coal sector becomes essential to ensure that e-auction remains competitive, to fix formulae for price revision for long-term fuel supply, to fix trading margins and to improve exploitation and allocation of available resources.
Of these, 14 have received environmental clearances and four forestry clearances.
The Bharatiya Janata Party on Monday demanded the resignation of Law Minister Ashwani Kumar over allegations of government's interference in CBI's probe into coal blocks and suggested that the Supreme Court should appoint a Special Investigation Team to bring out the truth.
in the first lot 74 blocks will be auctioned, but the number of mines a company can bid will be capped to avoid monopoly.
'The prime minister's comment on 'revdi culture' was welcome. But I am disappointed he did not follow up on that.' 'All political parties, including the BJP, have been guilty of this.' 'Now, Modi's guarantees, the Congress's 'nyay' path and both ruling and Opposition parties are vying with each other for freebies in my home state Andhra Pradesh.'
Reliance Capital Asset Management Company (RCAM) and ICICI Securities Primary Dealership have been selected to manage Rs 60,000 crore (Rs 600 billion) provident fund corpus of coal industry workers.
The government on Friday said that some of the coal blocks lying in the "no-go" areas, which could not be used for mining, may be shifted to the go-areas, a move to expedite clearance for ultra mega power projects.
The Enforcement Directorate to take a "conclusive action" towards attachment of assets of those involved in coal scam.
Major corporates are staring at an uncertain future after investing substantially on their projects
The government has threatened to cancel the coal block alloted jointly to ArcelorMittal and GVK Power in Jharkhand for the inordinate delay in developing the property.
National Aluminium Company had said on Friday that its power units, capable of generating 960 MW, had to be shut down owing to serious coal crisis.
Govt went against its own recommendation of Jun 20, 2007, where along with the 2 Jindal companies, it wanted 40% coal block to go to Lanco.
In an urgent need for its image makeover, the scam-tainted coal sector will require mammoth efforts in 2015 from the government and the corporates too.
Parliament has cleared the Mines and Minerals (Development and Regulation) Amendment Bill, 2023, recently. The objective of the Act is to invite investments from the private sector, including foreign companies, for mining minerals such as lithium and other critical minerals. Other than lithium, some of these minerals were classified as atomic minerals, including beryl and beryllium, niobium, titanium, tantalum and zirconium.
Coal Secretary Anil Swarup has been appointed as school education secretary.
Trade unions on Tuesday began a five-day coal industry strike, terming it as the biggest industrial action for any sector since 1977.
Gautam Adani, promoter of Adani Power Ltd, has a reason to relax, even as the power arm of his group of companies continues to make losses for an eighth straight quarter.
Area residents and environmental groups have resisted the coal power plant ever since it was originally proposed in 2006 due to worries about land clearance and pollution
To increase gas availability for power plants, the Ministry of Petroleum and Natural Gas has taken various steps.
In partnership with different US firms, two companies belonging to Reliance Anil Dhirubhai Ambani Group (ADAG) have submitted competing bids for a single project floated by the Ministry of Coal.
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