New Delhi: The Centre has paved the way for 100 percent foreign investment in the coal industry. The central government is exploring new options to halt the declining jobs in the country due to the recession. In this connection, the government has cleared the way for foreign investment in several sectors. Coal Minister Prahlad Joshi has termed the move as a major reform of the government. The Coal Minister has said that the move will help India build a competitive coal market and help generate direct and indirect employment in the coal sector.
Government approves 100 percent FDI in coal mining and contract manufacturing on Wednesday. "This is the biggest reform of our time and with the advent of international companies, India will become an efficient and competitive coal market. It is expected to bring state-of-the-art coal mining technology to India, which will help in eco-friendly mining. '
He said the decision will create direct and indirect employment in coal-related sectors and see a positive impact on the economic development of these areas. Many industries in the country are reeling under recession due to poor economic conditions. Companies are carrying out retrenchments on a large scale.
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