Union Finance Minister Nirmala Sitharaman on Saturday announced that Centre Will allow Commercial Mining in the Country as a Part of Reforms.
FM Nirmala Sitharaman has released the tranche 4 of the prime minister’s 20 lakh crore stimulus package announced by Prime Minister Narendra Modi Earlier.
According to Finance Minister, Central Govt will allow Private Sector participation in Coal Sector Via a revenue sharing mechanism instead of regime of fixed rupee per tonne.
Hence, any party can bid for a Coal Block and Sell it in Market also.
The Central Govt will offer 500 Mining Blocks via an Open and Transparent auction Process. Simultaneously, Introducing a joint auction of bauxite and Coal Mineral Blocks to enhance the Aluminium Industry’s competitiveness.
As a Part of “Make In India” programme, the govt will notify a list of weapons or platforms for a ban on import with year wise timelines.