PM Modi chairs high-level meeting on FDI strategy

NEW DELHI: Prime Minister Narendra Modi on Thursday held a detailed meeting to deliberate on the potential economic reforms in mines and coal sectors to give a boost to the economy in wake of the Covid-19 pandemic.During the meeting with officials, the PM reviewed the contribution of the mines sector in increasing the employment opportunities and boosting growth of the country, the government said in a press release.PM Modi laid special focus on improving country's "self reliance" in production of minerals and their in-country processing. He added that the mineral sector should benchmark its operations to international standards and advised the concerned officials to prepare an action plan."The PM also exhorted using modern technologies for efficient mining. He also directed to aim for reducing delays in obtaining clearances and partnering with states to facilitate an increase in the private investment to boost the economy," according to the official statement.He asked the officials to target thermal coal import substitution, particularly when a huge coal stock inventory is available in the country.During the meeting, the discussions involved ensuring easy and abundant availability of mineral resources from domestic sources, upscaling exploration, attracting investment and modern technology, to generate large scale employment through transparent and efficient processes."Auctioning of additional blocks, encouraging wider participation in auctions, increasing the production of mineral resources, reducing the cost of mining and cost of transporting, increasing ease of doing business while also reducing carbon footprint with environmentally sustainable development also formed important part of the discussions, the government release said.The statement from the government added that the issues discussed by the PM also related to reforms in the auction structure, efficient institutional arrangements, participation of private sector in exploration and mining, making public sector more competitive as well as broad-basing the community development activities through the Mineral Development Fund "Expanding and improving evacuation infrastructure for minerals, including use of sea-routes for domestic supplies was also considered. The aspects related to increasing the efficient and environmentally-sound first mile connectivity for coal transport from mines to railway sliding, automatic loading on rail wagons, coal gasification and liquification, coal bed methane exploration were also discussed for potential reforms," the government said in the press release.