New Delhi: Central Cabinet, on Wednesday, approved the ordinance for amendment to the Mines and Minerals Development and Regulation Act. Coal Minister Prahlad Joshi said that this ordinance will lift the end--use restriction on the coal that is mined and will further allow for greater investment in the sector.
Prahlad Joshi said, "This approval for the ordinance will have an impact on the growth of ease of doing business and the democratization of the sector by opening it up to any entity that was willing to invest."
According to the cabinet, the amendment will allow the coal mining entities to use the mineral for its operations or for any of its subsidiaries.
Meanwhile, India has the fourth largest coal reserves and imports for about 235 million tons of mineral.
The coal minister stated that since the demand for coal is increasing day-by-day and India imports about 235 million tonnes of the substance of which about 100 million tons could not ever be substituted, it costs rupees 1.37 lakh crore to exchequer and thus, passing the ordinance is a major step by the Centre.
Other decisions by the Central Cabinet:
Discussing the health sector, post-facto approval has been given for providing facilities to the Bill and Melinda Gates Foundation helping them to work towards improvement of neonatal and maternal mortality rates, family planning and better treatment of infectious diseases in the country.