The revised policy aims to promote new capacity additions, especially near coal pitheads, improve long-term procurement planning, and reduce dependence on imported coal. It also seeks to lower the overall cost of coal at power plants, potentially reducing electricity tariffs for consumers, and encourages private investment in the thermal power sector. Implementation will be overseen by Coal India Limited and Singareni Collieries Company Limited, with operational issues managed by an Empowered Committee, as part of the government’s broader efforts to enhance energy security and affordability.

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The CCEA has approved the proposal of equity investments by CIL as follows:

Equity Capital of Rs.1,997.08 Crore (±25%) by CIL considering a Debt-Equity Ratio of 70:30, and 51% Equity Investment in JV Company with an estimated Project Capex of Rs.13,052.81 Crore (accuracy of ±25%) for the proposed Coal-to-Synthetic Natural Gas (SNG) at Sonepur Bazari Area of Eastern Coalfields Limited (ECL) in Burdwan district of West Bengal through JV of CIL and GAIL.

Equity Capital of Rs.1,802.56 Crore (± 25%) by CIL considering a Debt-Equity Ratio of 70:30, and 51% Equity Investment in JV Company with an estimated Project Capex of Rs.11,782.05 Crore (accuracy of ±25%) for the proposed Coal-to-Ammonium Nitrate (AN) at Lakhanpur Area of Mahanadi Coalfields Limited (MCL) in Jharsuguda district of Odisha through JV of CIL and BHEL.

Approval for Equity Investment by CIL beyond 30% of its Net-worth in the JV of CIL-GAIL as at point (a) above, and in JV of CIL-BHEL as at point (b) above.

Coal India Limited (CIL) will set up following two Coal Gasification Plants with a view to achieve the target of 100 MT coal gasification by the year 2030 and to fulfil India’s dual objectives of self-reliance and energy independence –

CIL has signed MOUs with GAIL for setting up of Coal-to-SNG Project at Sonepur Bazari Area of Eastern Coalfields Limited (ECL) in Burdwan district of West Bengal through JV of CIL & GAIL at an estimated project cost of Rs.13,052.81 Crore (±25%) considering a debt:equity ratio of up to 70:30.

CIL has signed MOUs with BHEL for setting up of Coal-to-Ammonium Nitrate Project at Lakhanpur Area of Mahanadi Coalfields Limited (MCL) in Jharsuguda district of Odisha a JV of CIL & BHEL, at an estimated project cost of Rs.11,782.05 Crore (±25%) considering a debt:equity ratio of up to 70:30.

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CCEA approved the following:

(i) To extend the timeline for implementation of PMDP approved in 2016 beyond 31st March 2019 by 3 years i.e. up to 31st March 2022 with provision of further extension of time by a maximum period of 12 months, if required, with approval of Union Minister of Agriculture and Farmers Welfare.

(ii) Revision/Re-appropriation of earlier approved components of PMDP within the approved outlay of Rs. 500 crore between UTs of J&K and Ladakh with the provision of further revision, if required, with the approval of Union Minister of Agriculture and Farmers Welfare within the overall financial limit of Rs. 500 crore.

(iii) Revalidation of unspent amount of Rs. 59.07 crore remaining with undivided State of Jammu & Kashmir including Ladakh.

The action plan under PMDP has therefore been modified within the approved outlay of Rs. 500 crore earmarking Rs. 39.67 crore for UT of Ladakh and Rs. 460.33 crore for UT of Jammu & Kashmir.

The implementation of PMDP in the UTs of Jammu & Kashmir and Ladakh Region, is expected to generate an estimated 44 lakh mandays employment and will also result in employment in allied sectors such as grading/packing units, Cold Atmosphere (CA)/Cold storage units and transportation sector etc. As the high density plantation involves technology and regular upkeep of orchards, therefore, it will also result in overall wage enhancement in the horticulture sector due to the increase in the farmers’ income as a result of the increase in productivity.

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“We want ministries to spend… Expenditure secretary is meeting secretaries from other departments every week to push spending by departments and PSUs (public sector undertakings),” Sitharaman told media persons on Sunday, stressing that the government is not considering any reduction in spending.

With this rate cut, the direction has been set for direct taxes and it would be difficult to raise corporate tax rates from here, said the minister. Anyone who wants to do so would have to go to Parliament and explain the rationale for raising tax, she added.

The comments came two days after Sitharaman slashed base corporate tax rate to 22% from 30% for domestic companies and proposed a competitive 15% rate for new manufacturing units, offering a Rs 1.45 lakh crore fiscal boost as part of a series of measures to revive growth. The unexpected move had led to speculation that the government might resort to spending cuts to meet its budgeted fiscal deficit target of 3.3% of GDP for 2019-20.

The minister said on Sunday she will take stock of the fiscal situation during the exercise on revised estimates.

The minister said the government will continue to focus on disinvestment as planned, pointing out that 23 companies had been approved by the Cabinet Committee on Economic Affairs (CCEA).

Responding to a query on the proposed disinvestment of national carrier Air India, she expressed hope that it would be completed in the current fiscal. “The AISM (Air India Specific Alternative Mechanism) is likely to meet soon to finalise the contours,” Sitharaman said.

She said industry representatives had raised the issue of “reforms” in multiple interactions with her. Terming the corporate tax rate cut an “equivalent of surgical strike”, she said the government had taken a conscious call to keep the effective corporate tax rate below 25%. “High tax rates were one of the key impediments cited by foreign investors… With this cut, we have ticked all boxes for them,” she said. Further, the minister said, no country in Southeast Asia is offering a 15% tax rate (which is now applicable to new manufacturing units).

Asked about a reduction in personal income tax rates as demanded by many, the minister said the government has not yet thought of rate rationalisation. She said a detailed analysis of the Direct Tax Code task force report was on and that it had made very good recommendations for simplification and rationalisation of the tax structure.

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