NEW DELHI: Business activity in India is normalising with consumption and demand rapidly approaching the pre-Covid levels, Prime Minister
said while launching the first-ever auction of
for commercial mining on Thursday.
“The auction is taking place at a time when business activity in India is normalising rapidly. Consumption and demand are rapidly approaching the pre-Covid levels. In such a situation, there cannot be a better time for a new beginning,” he said pointing to the sharp rise in demand for fuel and electricity — the main indicators of economic activities.
The PM’s statement underlines his government’s intention to allow resumption of more economic activities from next month, something he made clear during discussions with CMs on Monday and Tuesday by saying it was time to think about ‘Unlock-2’.
The PM said the coal block auction will usher in an era of competition and transparency in the sector and see India turning the
into an opportunity. Altogether, 41 coal mines have been put on the block, which he said will attract investments of Rs 33,000 crore over the next five years.
For good measure, the PM said the auction will unlock the potential of India’s coal reserves, the fourth largest in the world, and curb imports. “India should be the world’s biggest coal exporter, considering the size of reserves.”
Shares of Coal India jumped 5% on PM’