April 19, 2024


Delighting finance buffs

India will turn Covid-19 crisis into an opportunity, says PM Modi

Prime Minister Narendra Modi on Thursday said that India will turn the Covid-19 crisis into an opportunity. He said the pandemic has sought India to be self-reliant or “atma nirbhar”.

“India will fight Corona and win the war against it; pandemic will make India self-reliant,” he said.

“India will reduce its dependence on imports,” PM Modi added while addressing the launch of the auction of 41 coal mines for commercial mining.

Commenting on the government’s plan for boosting the energy sector, PM Modi said, “To make India self-reliant in the energy sector, a major step is being taken today.”

He welcomed the plan to allow the private sector in commercial coal mining and said it will “unlock resources of a nation with the world’s fourth-largest coal reserves”.

“The auction (of 41 coal mines for commercial mining) today is taking place at a time when business activity in India is normalizing rapidly. Consumption and demand are rapidly approaching the pre-Covid levels. In such a situation, there cannot be a better time for a new beginning,” he said.

PM Modi added that the country’s coal sector has been facing hurdles and has been excluded from the competition. Modi said transparency has also been a major hurdle for the energy sector.

“After 2014, several steps were taken to change this situation. Coal sector got strengthened due to steps taken,” he said.

“Govt has taken important decision to open up coal, mining sector to competition, capital and technology. India should be the world’s biggest coal exporter considering size of reserves,” PM Modi added.

The prime minister has been stressing on the importance of making India self-reliant and boosting the country’s local manufacturing capabilities.

In an earlier address, he had asked Indians to become “vocal for local” and become an advanced manufacturing hub for the entire world.

Read | Deeply grateful for overwhelming support: PM Modi on India’s election as UNSC non-permanent member

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