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LATEST NEWS UPDATES | Will foreign companies now 'loot' India's coal? -Abir Dasgupta & Paranjoy Guha Thakurta

Will foreign companies now 'loot' India's coal? -Abir Dasgupta & Paranjoy Guha Thakurta

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published Published on Sep 1, 2019   modified Modified on Sep 1, 2019
-Newsclick.in

Allowing 100% FDI in coal mining is raising apprehensions that foreign companies will now ‘plunder’ mineral resources for commercial purposes for sale in the open market.

The Narendra Modi government’s decision to allow 100% foreign direct investment (FDI) in coal mining has been opposed by the Left on the ground it would enable multinational mining companies to “plunder” the country’s mineral resources.

Those supporting the move, however, argue that foreign investment in coal mining is needed because the public sector Coal India Limited (CIL) is “over-stretched” and will not be able to increase domestic production substantially to curtail imports.

At the same time, they contend that the impact of the policy decision can be ascertained only after the Union Ministry of Coal notifies the new policies for allocation and auction of mines and pricing of coal.

Those skeptical of the government’s decision point towards the “dirt” in this sector that is notorious for corruption. The influence of mafia gangs on coal mining operations has been extensively documented. They allege that foreign players may end up obtaining a share of the “loot.”

According to the press note released by the government, as per the existing FDI policy, 100% FDI was permitted in the case of “captive” mines, which are dedicated to supply coal to specific power plants and projects manufacturing iron, steel and cement. The change in FDI policy now means that foreign companies can mine coal for commercial purposes for sale in the open market.

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Newsclick.in, 30 August, 2019, https://www.newsclick.in/will-foreign-companies-now-loot-indias-coal?fbclid=IwAR3J2_svdPP8mUi2B8uv4BztbiYC4h7khXCDE2LqQJNpw-qqcL9tWgdC2jQ


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