The central government on June 10 appointed Kishan Reddy as the minister for mines and coal. This appointment arrives at a pivotal time for India's coal and mines sector in 2024, which is undergoing significant reforms and modernization efforts. As the backbone of India's energy and industrial framework, the sector is focused on increasing domestic coal production, reducing reliance on imports, and adopting sustainable mining practices.
Meet the minister
Reddy started his political career as a Yuva karyakartha (youth worker) in Janata party. He joined the BJP on its inception in the year 1980. He was taken into Prime Minister Narendra Modi's cabinet in 2019. He has held important positions like MLA, president of BJP's state unit, national president of BJP's Yuva Morcha (BJYM), Union MoS (Home) and Union Minister of Tourism, Culture and Development of Northeast Region (DoNER).
Status Check
In the past five years, reforms aimed to modernize the coal and mining sector, enhance production capabilities, ensure sustainable practices, and reduce dependency on coal imports, thereby strengthening India's energy security and economic growth were undertaken.
In 2020, the government opened up the coal sector to commercial mining, allowing private players to mine and sell coal. This marked a significant shift from the earlier monopoly of Coal India Limited (CIL). Later, the ministry also introduced National Coal Index to create a benchmark price for coal based on market prices.
Initiatives were made to expedite environmental clearances and land acquisition processes to facilitate quicker mining operations.
On the mining side, the ministry amended the MMDR Act, allowing private players to explore and mine critical minerals, essential for the green energy transition.
On November 29, the ministry officially launched the auction of 20 mineral blocks containing minerals such as lithium, platinum-group elements, graphite, molybdenum, potash, phosphorite, rare earth elements, and glauconite.
Setting the Agenda for 2024-2029
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.