Mineral Amendment Bill will prove boon for the industries: Malhan
Ashis Sinha I Bokaro: Expressing happiness over the passing of the Mineral Amendment Bill 2020 from Lok Sabha and Rajya Sabha the Chief Executive Officer of Vedanta- Electrosteel (ESL) Pankaj Malhan said, this move of the government would increase coal production and reduce dependence on imports.
This is a welcome step for the development of the country; it will also help to bring more FDI in the coal and mining sector in a bid to boost the Indian economy.
This bill was important as instead of importing coal we should utilize our own natural reserves, said Malhan adding “The move will go a long way in reducing the coal imports and prove boons for the industries too.”
He said that India’s total coal production has been 245 metric tonnes in the financial year 2019, as well as India, has the fifth largest reserves of coal in the world which is around 101 billion tonnes.
This bill will provide opportunities for hassle-free mining operations and an increase in ease and participation in business on the basis of forest and environmental clearance. The productivity of domestic producers will be boosted which will enable them to compete globally, said Malhan.
Notably, the Mineral Amendment Bill 2020 was passed in the Lok Sabha and Rajya Sabha with a majority that would remove the ban to participate in coal mine auctions and fully open up the coal sector to all domestic and global companies for commercial mining.
On Friday the bill was passed in the Rajya Sabha with 83 voting in favor and 12 against. The Mineral Amendment Bill 2020 was introduced in the Lok Sabha on 2 March 2020. Coal Minister Prahlad Joshi said after discussing the MLA that the implementation of the law will help in bringing more FDI in the coal and mining sector and boosts the economy.