'Atmanirbharata' in coal sector: PM to address mining auction launch event

President, FICCI, Dr Sangeetha Reddy, Chairman Vedanta Group Anil Agarwal and Tata Sons Chairman N Chandrasekharan will also speak during the event.

Prime Minister Narendra Modi will address the launch event of the auction of 41 coal mines for commercial mining on Thursday outlining his vision for the country to achieve self-reliance in the mining sector which is the key source of input for many basic industries like power, steel, aluminium and sponge iron.

A PMO release said that the Ministry of Coal in association with FICCI is launching the process for auction of 41 coal mines under the provisions of CM (SP) Act and MMDR Act to achieve self-reliance in the coal sector.

It said that the auction process marks the beginning of the opening of the Indian coal sector for commercial mining and it will enable the country to achieve self-sufficiency in meeting its energy needs and boost industrial development.

The commencement of the auction process of coal mines for sale of coal is part of the series of announcements made by the Centre under the Atmanirbhar Bharat Abhiyan.

"This landmark step is expected to boost private participation which will increase production, induce competition, enhance productivity by facilitating use of latest equipment, technology and services through higher investments, pave way for sustainable mining and creation of avenues for more employment generation in the backward regions of the country," the release said.

With the launch of commercial mining, India has unlocked the coal sector fully with opportunities for investors related to mining, power and clean coal sectors, the release said.

PM Narendra Modi starts pre-Budget meets to brainstorm on economy

The focal point of the interaction was drawing a road map for reforms across departments leading up to the ease of doing business and economic growth.

In the run-up to the Union Budget, Prime Minister Narendra Modi has lined up a string of meetings spread across days. He began the exercise on Tuesday with a meeting of top bureaucrats in finance and other key ministries to finalise the government's priorities. The focus is clearly on reviving the economy and creating jobs, officials in the know said.

Next, the PM will interact with economists, bankers and sectoral experts through the week to brainstorm on pressing issues such as agriculture, reforms and effective implementation of signature schemes and projects.

Tuesday’s meeting at the PM’s residence, attended by all the five secretaries in the finance ministry besides top officials of other economic ministries and NITI Aayog, cleared a five-year vision plan for the government to make India a $5-trillion economy by 2024, it is learnt. Also, the future course of PM’s pet projects like doubling farmers' income, PM-Kisan, Pradhan Mantri Awas Yojana, piped water for all, and electricity for all came up for discussion.

The focal point of the interaction was drawing a road map for reforms across departments leading up to the ease of doing business and economic growth. GDP growth, which has been a controversial issue recently due to doubts raised over government data, was discussed too. Stepping up government revenues while carrying out reform to push GDP growth, which slipped to a five-year low of 6.8 per cent in 2018-19, also figured in the meeting, sources said.

With the farm sector facing headwinds, Modi had last week stressed upon the need for structural reforms in agriculture to boost private investment, strengthen logistics, and provide ample market support to farmers.

The PM is expected to meet senior finance ministry bureaucrats on Thursday to discuss issues relevant to the Union Budget, to be presented on July 5.

Apart from reform announcements to be made in the Budget, the government’s fiscal consolidation roadmap, revenue position and expenditure commitments will be taken up at the meeting.

Business Standard

PM Modi used demonetisation to help crony capitalist friends: Rahul Gandhi

Gandhi said the Rafale fighter jet deal was also a scam to help one of Modi's crony capitalist friends.

Congress president Rahul Gandhi on Thursday said the Reserve Bank of India (RBI)’s annual report has proven that Prime Minister Narendra Modi’s demonetisation decision was a “huge scam” and its objective was to rob from the common people of India to benefit his crony capitalist friends.

Addressing a press conference at the Congress headquarters, Rahul Gandhi said demonetisation was no error of judgement on the PM’s part. He said it was implemented “deliberately” to return the favours done to him by his 15-20 crony capitalist friends, who have spent money for his marketing on television channels.

“Prime Minister Modi should answer why he inflicted a deep wound like demonetisation when issues like unemployment and low gross domestic product (GDP) rate remained,” Gandhi said.

ALSO READ: Demonetisation not mistake, but deliberate assault on people: Rahul Gandhi

The Congress chief, who is scheduled to leave for a pilgrimage to Kailash Mansarovar, said the bunch of crony capitalists who are friends with the PM have run up huge loans taken from banks. 

He said non-performing assets (NPAs) under the United Progressive Alliance government stood at Rs 2.5 trillion and were “under control”, but have increased to Rs 12 trillion under the Modi government. He said demonetisation was designed to help crony capitalists who are burdened under NPAs by taking money from India’s farmers, women and youth.

Rahul Gandhi said “Modi’s friends” used demonetisation to convert their black money into white, and pointed to the example of the Ahmedabad District Cooperative Bank, which he alleged collected over Rs 7 billion of demonetised money. He said BJP chief Amit Shah was a board member at the bank.

He also said demonetisation failed to achieve any of its objectives, destroyed millions of jobs in the informal sector and small businesses to help big companies such as Amazon and caused 2 per cent drop in GDP.

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Financially empowered women bulwark against societal evils: PM Modi

Modi noted in his interaction with self-help groups that agriculture and animal husbandry sectors, which are vital for rural economy cannot run without the participation of women.

Financially empowered women are a "bulwark against societal evils", Prime Minister Narendra Modi on Thursday said while interacting with more than 10 million women associated with various self-help groups across the country.

"For women empowerment financial independence is necessary. Women are enterprising, they don't need to be taught, only need to be given opportunities to perform," he said during the interaction through the Narendra Modi Mobile App.

Underlining the importance of women empowerment especially in rural areas for overall development of the society, Modi said women in the country have huge potential in them and need to realise their capabilities.

"Financial independence makes a woman assertive and empowered. Financially empowered women are a bulwark against societal evils," he said.

The prime minister appreciated the role of women self help groups in development of rural areas.

Since 2014 the government has created 2 million self-help groups on priority, and over 22.5 million families have been brought into their fold, he said.

"So far 4.5 million women self help groups have been created with 50 million active women participants... in fact these groups have added one more earning member in these 50 million families in rural areas," he said.

Modi also noted that agriculture and animal husbandry sectors, which are vital for rural economy cannot run without the participation of women.

During the interaction, women also shared their inspiring and touching stories and how the self-help groups have helped them improve their lives.

Modi said women self help groups are laying the foundation of financial prosperity in rural areas and added that women in the country have potential to transform the society.

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