Home » Business » Ministry of Coal Transfers Rs 704 crores Upfront Amount received from Coal Mine Auctions to State Governments:Odisha received Rs.1,99.81,43,795,oo

Ministry of Coal Transfers Rs 704 crores Upfront Amount received from Coal Mine Auctions to State Governments:Odisha received Rs.1,99.81,43,795,oo

Newdelhi:3/8/23:The Ministry of Coal has transferred Rs. 704 crores upfront amount received from auction of coal mines to six coal bearing States – Chhattisgarh, Jharkhand, Madhya Pradesh, Maharashtra, Odisha and West Bengal. 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

.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.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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