Economy will stabilise: Modi at launch of coal mines auction

New Delhi

In a virtual launch of the auction organised by the Coal Ministry in association with FICCI, he said the auction was taking place at a time when the economic activity was fast returning to normal. Consumption and demand are fast attaining the pre-COVID levels.

Modi listed the sectors where the demand was fast attaining pre-COVID levels such as power consumption, demand for petroleum products, E-way bills, Toll collection, Railway freight traffic, digital retail transactions.

He said that the rural economy has also started improving.  The crop area under Kharif cultivation and procurement of wheat has also increased this year.“This means more money has gone into the pockets of farmers. All these indicators tell us that the Indian economy is ready to bounce back, and march forward,” the Prime Minister said.

The Prime Minister wished that India will come out of this crisis as it had come out of a much bigger crisis in the past. He exuded confidence that India can become Aatma Nirbhar (self-reliant) and success and growth of India is certain.  He also expressed his confidence that very soon we will become an important exporter of medical products. He requested people to keep up their faith and morale so that we can make Aatma Nirbhar Bharat.

The coal auction launch was part of the series of announcements made by the Government of India, under the Aatma Nirbhar Bharat Abhiyan. A two stage electronic auction process is being adopted for allocation of the coal mines.

Modi said the COVID-19 crisis has taught India the lesson of becoming self-reliant which means reducing dependency on imports, and saving foreign currency on imports. “It entails that India develop resources domestically so that the country does not have to rely on imports. It also means becoming the biggest exporters of the commodities that we now import,” he said.

To achieve this, the Prime Minister said that each sector, each product, each service, should be kept in mind and worked holistically, to make India self-reliant in the particular area. He said a major step taken today will make India self-reliant in the Energy sector.

He said that this event marks not only the implementation of reforms concerning just the coal mining sector but also marks the beginning of lakhs of employment opportunities for the youth.