Coal India’s forthcoming IPO forces a re-think in government
Sweta Ranjan | July 9, 2010
The controversy over “no-go” areas refuses to go. Even after Jairam Ramesh, the environment and forests minister, freed 10 percent of the “no-go” area for mining a couple of days ago, he has been asked to make more concessions following pressures from the coal ministry.
The latest directive came from finance minister Pranab Mukherjee who met both coal minister Sriprakash Jaiswal and environment and forests minister Jairam Ramesh on Thursday.
In a statement issued today, the coal ministry said, “Ministry of coal and ministry of environment and forests have initiated an exercise to identify prima facie A and B areas for coal mining. Present A areas would be those areas with rich forest cover and bio-diversity where applications would not be entertained for forest land diversion. Present B areas would be those areas where prima facie the statutory Forests Advisory Committee in the MoEF would consider proposals for diversion of forest land for coal mining purpose.”
Coal minister Shriprakash Jaiswal (L) and finance minister Pranab Mukherjee
This exercise is being undertaken after Jaiswal complained that the MoEF’s categorization of “no-go” area would lead to substantial loss in coal production, and hence hamper economic development.
In a letter to the prime minister, Jaiswal has pointed out that 48 percent of the coal bearing forests have been declared as “no-go” area—an area where mining can not be permitted because of ecologically fragile nature and the rich biodiversity-- by the MoEF.
The immediate concern, however, is over the forthcoming IPO the Coal India Limited is planning to bring to mop of about Rs 15,000 crore by divesting 10 percent of equity.
Jaiswal has mentioned in his letter to the prime minister how valuation of Coal India Limited’s shares would be adversely affected if the “no-go” norms are not relaxed to allow mining. Particularly worrisome is the fact that the Hasdeo-Arand coalfield of Chhattisgarh, which has a rich source of high quality coal, continues to remain in the “no-go” area.
At present, nine coalfields comprising of 203 blocks with 48 percent of country’s coal reserves fall under the “no-go” area.
India’s textile and apparel sector sits at the heart of the economy but is constrained by traditional manufacturing approach. It contributes close to 2% of GDP and around 11% of manufacturing gross value added, with GDP share expected to reach 5% by the end of the decade. The sector employs around 45
Health is a State subject, and the primary responsibility for providing healthcare services, including cancer care, rests with the respective state governments. However, the Department of Health and Family Welfare provides technical and financial support to States and Union Territories across the country
The capabilities and aspirations of India’s youth are limitless, prime minister Narendra Modi said in his remarks to the media at the start of monsoon session of the parliament on Monday. "In the past month, the country has achieved many milestones, filling citiz
Prime minister Narendra Modi on Friday laid the foundation stone and dedicated to the nation various development projects worth around ₹14,700 crore in Jind, Haryana. The PM positioned the city as a shining reflection of the good governance model. Emphasizing that the entire Haryana
Climate change has at least doubled the temperature-related sleep loss across 1,338 major cities worldwide over the past five decades, highlighting an emerging but often overlooked public health consequence of rising global temperatures. A new study by Climate Central estimates that between 2020 and
The union cabinet chaired by PM Narendra Modi has approved the Mobile Phone Manufacturing Scheme (MPMS) with a budgetary outlay of Rs 62,500 crore. It aims to further scale up the production, deepen domestic value addition, strengthen supply chain resilience, enhance global competitiveness. It
