States to gain by Rs.15 lakh crore from coal auctions: Goyal

On the sixth day of coal blocks auction Thursday, Coal and Power Minister Piyush Goyal said the ongoing auction, as well as the allocation, of the mines will fetch the respective home states Rs.15 lakh crore over a 30-year period.

"It certainly gives me confidence that we are not looking at anything less than Rs.15 lakh crore coming out of these 204 coal blocks as they start producing over the next 30 years," the minister said.

"At the end of the fifth day (Wednesday), we are looking at about Rs.60,000 crores in the next 30 years accruing to the state governments," he added.

The eastern part of the country, particularly Odisha, Jharkhand, West Bengal and Chhattisgarh will get significant amount of revenues from the auction of mines which would help them to develop faster, Coal Secretary Anil Swarup said at the end of auctions Wednesday.

"The revenue to be accrued to the states would be to the tune of about Rs.59,000 crore and this we are taking for about 11 mines (auctioned till Tuesday)," Swarup said.

Goyal said: "The important thing is that post these auctions there will be three to four very important changes. Overall the entire economy will get a push with adequate fuel reaching these end-use plants."