Categories: MinesOdisha

Coal Ministry Transfers Mine Auction Money To States, Odisha Gets Rs 199.81 Crore

Bhubaneswar: The Ministry of Coal has transferred Rs 704 crore upfront amount received from auction of coal mines to six coal bearing states – Chhattisgarh, Jharkhand, Madhya Pradesh, Maharashtra, Odisha and West Bengal.

Odisha has received around Rs 199.81 crore transferred by the Centre, official sources said on Thursday.

This financial transfer marks a substantial initiative to empower and support developmental growth of these states.

The allotted amount of Rs 704 crores represents the first instalment of upfront amount for 18 coal mines that were successfully auctioned under 6th round and 2nd attempt of 5th round of commercial coal mine auctions. Next three instalments are to be given directly to the states by bidders.

State-wise details of amount transferred is as below:

Reform of Coal Mine Development and Production Agreement (CMDPA) paved the way for this significant development. As per the CMDPA, successful bidders have submitted the first instalment of the upfront amount to the Ministry of Coal.

Notably, the remaining three installments will be directly submitted by the bidders to the respective state governments, further amplifying their contribution to the development of these states.

This substantial financial infusion will be utilized by state governments to fuel development in their regions. It will enable strategic investments in infrastructure development, educational facilities, healthcare services and various welfare initiatives, uplifting communities and fostering overall growth.

Since the inception of commercial coal mining, the coal sector has been significantly contributing revenue to the state governments. Moreover, once the coal mines become operational, they will also contribute to the states’ prosperity through royalties and monthly premiums. The revenue generated from these mines could be channelled by the states to strengthen their financial capacity for essential welfare programs, uplift marginalized communities, and support other key development projects.

OB Bureau

Recent Posts

New Norm: Complete Beef Ban In Assam, Can’t Eat It In Restaurants, Hotels Or Public Places

Guwahati: Serving of beef in any hotels, restaurants or during any public function or at…

37 minutes ago

60 Kg Silver Seized By GRP From Rourkela Railway Station In Odisha

Rourkela: In a major crackdown on smuggling, personnel of the Government Railway Police (GRP) seized…

37 minutes ago

Bitcoin Reaches All Time High, Know How Trump’s Victory Is Influencing The Crypto Scene

New York: Marking a milestone in cryptocurrency history, Bitcoin on Thursday reached an all-time high…

1 hour ago

7 Of Family Injured In Attack By Robbers In Odisha’s Bhadrak; Cash & Gold Looted

Bhadrak: At least seven members of a family, including three women, were injured after armed…

1 hour ago

Pushpa 2: The Rule Falls Prey To Piracy Websites Within Hours Of Its Release

Mumbai: Pushpa 2: The Rule, the much-hyped sequel to the 2021 blockbuster Pushpa, has released…

2 hours ago

2 Poachers Arrested With Guns From Core Area Of Similipal In Odisha

Baripada: Two poachers and five country-made guns, ammunition and other weapons seized from their possession…

2 hours ago

This website uses cookies.