Indian economy ready for bounce back: PM Modi

NEW DELHI: Prime minister Narendra Modi on Thursday said that economic indicators show that the country is ready for a swift bounce back as businesses and demand are back to pre-covid level.

At an event to mark the launch of auction of 41 coal blocks for commercial mining purposes, Modi said that the government targets to gasify 100 million tonnes coal by 2030 through four projects entitling an investment of Rs 20,000 crore.

"India will turn this COVID-19 crisis into an opportunity. It has taught India to be self-reliant," he said adding India aims to become exporter of items it imports currently.


Coal minister Pralhad Joshi said that Coal India will continue to be a dominant player in the Indian coal sector even after commercial coal mining begins. He said that the government will help private miners in land acquisition for coal blocks and they will be not different yardsticks for private and public companies.

Vedanta Resources chairman Anil Agarwal said India imported Rs 80000 crore worth coal last financial year. Even with large mineral deposits, exploration contributes only 2% to the country's GDP. He asked the government to issue clearances to companis based on self certification for reducing time in processing applications.

Tata Sons chairman N Chandrasekaran said the commercial coal mining auction was important move towards fulfilling self -reliance in energy sector.