After bold estimates, coal auctions, allotments get Rs 56.84 bn in 3.5 yrs

So far, 58 coal blocks have been allotted to PSUs and 31 auctioned

Nitin Sethi New Delhi

In March 2015 the Union government said through a press release, "India has hit a gold mine with the recently concluded auction of 29 coal mines in two phases. The public exchequer continues to swell on revenue from coal block auctions. The total proceeds from the coal mines auctions have crossed Rs 1.93 trillion surpassing CAG's estimate of Rs 1.86 trillion losses on account of allocation of 206 captive coal blocks without auction since 1993." 
It estimated that revenue of Rs 3.35 trillion would likely flow to states through coal mines e-auctions and allotments. By then, 67 coal mines had been auctioned and allotted. 
Prime Minister Narendra Modi was quoted in the same press release saying, "Fetching of over Rs 2 trillion from auction of just 33 coal blocks has shown that policy-driven governance can rid the system of corruption."

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First Published: Sep 27 2018 | 7:00 AM IST

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