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Union Finance Minister Nirmala Sitharaman inaugurated the largest-ever coal mine auction on Thursday, with 141 mines projected to help twelve states directly. During the event, the finance minister stated that a rapidly rising country like India requires increased investment in coal production and gasification projects.

According to the Coal Ministry, 33 coal mines were placed up for auction in the sixth round of commercial auctions, with 71 being new coal mines and 62 rolling over from previous tranches of commercial auctions.

In addition, 8 coal mines were included in the second attempt of the fifth round of commercial auctions, for which single offers were submitted in the first attempt.

“With the launch of this auction tranche, the Ministry of Coal reaffirms its commitment to attaining self-sufficiency in the area of thermal coal,” the ministry said.

According to Sitharaman, the auctioning of 141 coal mines today will directly assist twelve states.

Jharkhand, Chhattisgarh, Odisha, Madhya Pradesh, Maharashtra, West Bengal, Andhra Pradesh, Telangana, Rajasthan, Tamil Nadu, and Bihar are among the states auctioning off mines.

The Finance Minister praised the Coal Ministry for recent steps to liberate the coal sector, saying that mining sector reforms are giving our fast-growing economy a much-needed boost.

Sitharaman emphasised that India is currently the world’s best investment location. She thanked the current government’s policy consistency and transparent approach, coal imports for the power industry had decreased by 41 per cent.

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