(FE)
India is stepping on the gas today to lay a strong foundation for energy security in the country while providing large-scale employment and huge opportunities for investment in the coal sector. In line with the prime minister’s vision to build Aatmanirbhar Bharat, India is marking a fundamental shift to unleash the coal sector as commercial-mine auction kickstarts. The coal sector is at the cusp of a paradigm shift today as we reorient our approach from focussing on revenue maximisation to making maximum coal available in the market. The move will not only help address India’s coal production needs, but also attract investment to add to our GDP while saving precious foreign exchange.
The story of coal in India has been long and eventful. At one end, this ‘Black Diamond’ has powered the aspirations of a growing nation, lighting up four out of every five bulbs, yet on the other front, its demand has far outpaced the supply. In a way, India’s coal journey reflects both the rise of the economy and also the mismanagement of previous regimes. When prime minister Narendra Modi took office in 2014, the challenge in the coal sector was steep. Coal blocks for captive use allotted by the earlier regime had been struck down by the Supreme Court on charges of illegality.
