Coal secretary announced move that can help discover market-determined prices
GN Bureau | June 22, 2016
For the first time, the coal ministry expects to discover market-determined prices for coal after it allots 16 coal mines to state government-run companies for commercial mining.
The allotments will be made by September and production is expected to start in a year or two after that, the Hindu Business Line has reported.
There will be no restriction on where the coal is sold from these mines and the prices at which it is sold, coal secretary Anil Swarup said on June 20.
“There will no restriction on pricing from our end. We hope this will lead to discovery of market-determined pricing of coal for the first time in the country. Right now Coal India is determining the price. With another entity coming in, some sort of a market will be created and price discovery will happen,” Swarup was quoted as saying. He expected the move to benefit small and medium enterprises.
Out of the 16 mines identified for commercial coal mining by state government-owned companies, eight will be given to the host state and eight will be available for public sector companies of other states. The host states for which eight mines have been reserved are Chhattisgarh, Jharkhand, Madhya Pradesh, Maharashtra, Odisha, Telangana and West Bengal.
The 16 mines have geological reserves of 2.137 billion tonnes and are expected to add an additional 40 million tonnes of annual coal production in India.
Read the report here
The telecom regulator`s decision to cut international termination charges (ITC) to 30 paise from 53 paise will hit the incumbent operators (Airtel, Idea and Vodafone) the most. At present, the annual revenue of the industry from ITC is approximately Rs 4,500 crore. It may also, as incumbents say, impact go
Additional borrowing of Rs 20,000 crore, and not Rs 50,000 crore, is being considered by the government to meet financial needs. Upon a review of trends of revenue receipts and expenditure pattern, it has been assessed that an additional borrowing of only Rs 20,000 crore of gov
Defence minister Nirmala Sitharaman recently made her maiden visit to the Bangalore complex of Navratna defence PSU- Bharat Electronics Ltd and was briefed on both the ongoing and futuristic projects of the enterprise. Sitharaman was given a corporate overview covering th
State-owned NTPC will showcase its expertise and technical knowhow to execute power sector projects and explore business opportunities at the World Future Energy Summit to be held in Abu Dhabi. India`s largest power generation company with an installed capacity of over 51
Will India ever be able to achieve the dream of making best use of its demographic dividend? That question becomes relevant again with the release of the Annual Status of Education Report
The Campaign for judicial accountability and judicial reforms (CJAR) has written to five senior supreme court judges over alleged misconduct by chief justice of India Dipak Misra. The CJAR has appealed to the judges -- justices J Chelameswar, R Gogoi, MB Lokur, K Joseph, AK Sikri -- t