Coal Auctions Fuel Economic Growth and Employment Surge
Seven companies, including Damodar Valley Corporation and Orissa Alloy Steel Pvt Ltd, secured coal blocks in India's 12th commercial mines auction. This strategic move is set to enhance domestic coal production, generate substantial revenue, attract investments, and create thousands of jobs, contributing to India's economic growth.
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In a significant development, the 12th round of coal block auctions in India concluded with seven companies, including Damodar Valley Corporation and Orissa Alloy Steel Pvt Ltd, securing rights over the lucrative blocks. The auctions, initiated in March, involved blocks with a combined geological reserve of approximately 1,761.49 million tonnes.
The government initiative, known for intense competition, reflected a sustained interest in the coal sector, achieving an average revenue share of 26.70%. As per the coal ministry's statement, these blocks are projected to generate an annual revenue of Rs 719.90 crore and create 7,098 job opportunities, excluding partially explored ones.
The strategic efforts of the Ministry of Coal since 2020 have seen the auction of 131 coal blocks, with a production capacity of 277.31 million tonnes annually. These initiatives are vital in boosting domestic coal production and offer significant economic benefits, aligning with the vision of 'Atmanirbhar Bharat'.
(With inputs from agencies.)
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