Major government strikes to attract global investments for coal mining

The government plans to provide rebates on revenue shares to the winners of commercial coal block auction in order to grab the attentions of the global investors. The finance ministry liberalised the amount 20lakhs crore for Atmanirbhar Bharat scheme. The government will pay 50% rebate on revenue shares for early production to the companies. The rebate will start from the day of commencement date of production till the agreed mining time of work. 50% rebate will be offers to the companies which will give the excess production in the financial year and consecutively 20% rebate on revenue shares will be given to the companies which are using coal for gasification and liquefaction. The union cabinet is supporting the process of revenue sharing for coal and lignite mines and around 50 coal blocks including large mines are participating in the auction with the approval of cabinet. The tenure of cooking coal contracts upto 30years for substitute import measures. The revenue sharing auctions are recommended by the expert committee, former chief vigilance commissioner Pratyush Sinha and that too after 5th round of auction with the response of industry. The formation of eligibility criteria will grab the interest of many large coal mining players.

“The measures of the government will strike many eligible association and global investors which can make a cash inflow in the industry and hence it will support the economical conditions of the country and the companies can find a way to emerge their business across the globe” said Mahesh Somani Vice President-National Association of Realtors , Indian Chairman- National RERA Committee, NAR India.