You are here: Home » News-IANS » Business-Economy
Business Standard

States to gain Rs.3.35 lakh crore on coal auctions

IANS  |  Kolkata 

Citing the ongoing coal auctions as a "true example of federalism", union Coal Secretary Anil Swarup on Sunday said the states will be getting a whopping Rs.3.35 lakh crore on account of the coal auctions.

"Of the 67 (coal) blocks auctioned and allotted so far, the states will be getting Rs.3.35 lakh crore revenue and another Rs.69,000 crore will be unlocked by way of tariff benefit to the consumers," Swarup told media persons on the sidelines of an interactive event organised here by the Coal Consumers' Association of India.

Till the conclusion of the actions held so far, a revenue of nearly Rs.20 lakh crore has been generated.

"This is a true example of federalism. The entire money generated from the auctions is going to the states while the union government is organising the auctions," he said.

Swarup said that although washeries are featuring in the list of possible bidders for the auction, they will soon be struck off in a forthcoming amendment to the coal bill.

Until now, 29 blocks have been auctioned and another 38 has been allotted to the state-owned entities.

"We will also allot mines to the individual states for commercial mining," he said.

Further, the coal department will allot Chhattisgarh and Odisha dedicated mines to meet their requirements for the sponge iron industry.

For the next round of auctions due in the third week of April, a total of 16 blocks will be put up for bidding of which 11 will be for the power sector and the remaining for the "non-regulated sector".

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sun, April 05 2015. 18:44 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU