Project Monitoring Unit launched by Ministry of Coal
The Ministry of Coal recently launched a project monitoring unit to facilitate early operationalization of coal mines that were allocated by the central government. The aim of launching the unit is to bring in more bidders.
The Project Monitoring Unit will facilitate Ease of Doing Business as it will support coal mines in receiving timely approval in order to operate the mines. The unit will also help the mines in getting clearances from the state and central government authorities for their operationalization. The unit will help improve business environment and production of coal in the country.
Ease of Doing Business
India ranks 63rd in ease of doing business in the ranking released by World Bank. India was one of the top 10 improvers in the 2019 ranking. The unit will help India improve further and promote international trade as well.
Coal Production in India
India has the fifth largest coal reserves in the world. The major states that produce coal in India are Odisha, Jharkhand, Bihar, West Bengal, Chhattisgarh, Madhya Pradesh and Telangana.
Nationalisation and Denationalisation of Coal Mines
The Nationalisation of coal mines was done in two phases. The first phase of nationalization was done in 1971 under the Coking Coal Mines (Emergency Provisions) Act, 1971 to manage coking coal mines. The Tata Iron and Steel Company Limited and the Indian Iron and Steel Company limited were nationalized and brought under BCCL (Bharat Coking Coal Limited).
The Coal Mines were denationalized under the Coal Mines (Special Provisions) Act, 2015. The law allowed the private sector to mine coal.
Month: Current Affairs - May, 2020
Category: India Nation & States Current Affairs