No loss from no-output coal block allocations: govt
REUTERS - The government does not perceive any loss from allocations of coal blocks which are not yet producing, Finance Minister Palaniappan Chidambaram said on Friday.
"If coal is not mined, if coal remains buried in mother earth, where is the loss?" Chidambaram told journalists at a conference, adding that a loss will only arise if coal were to be mined and sold at an unacceptable price or value.
Chidambaram said that out of 57 coal blocks highlighted in a report of the Comptroller and Auditor General (CAG) on the allocation process, only one was producing.
In its report, the Comptroller and Auditor General of India(CAG) had alleged that the Congress-led government's under-priced sale of coal blocks may have cost the exchequer potential revenues of around $33 billion.
(Reporting by Arup Roychoudhury; Editing by Jo Winterbottom)
- Tweet this
- Share this
- Digg this
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
Trending On Reuters
U.S. President Barack Obama ended a landmark day in India on Monday with a pledge of $4 billion in investments and loans, seeking to release what he called the "untapped potential" of a business and strategic partnership between the world's largest democracies. Full Article | Slideshow