India amends the mine act
The government of
India proposed to amend the Coal Mines (Nationalization) Act, 1973 in order to increase coal
production in the country and to attract private investment in coal mining sector.
The amendment will allow the government to privatize the unmined reserves.
Many major steel and power companies of
India have been eyeing the 64 umnined reserves of the country for 2 years.
India consumes coal to meet 60% of its energy requirement. The coal demand of the country is expected to increase more and more in the next few years due to the rising demand from steel, power and cement sectors.