India amends the mine act

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.