West Bengal Chief Minister Mamata Banerjee has expressed concern over the Union government’s policy to allow 100 per cent Foreign Direct Investment (FDI) in the coal mining sector. She asked it to reconsider the decision.
In a letter to Prime Minister Narendra Modi, she noted that this contradicted the “very essence of Atmanirbhar Bharat”.
She said, ‘This policy can neither bring FDI or any new technology to which we don’t have access at present’. When 100 global financial institutions had divested their coal investment, FDI in the sector was a far cry.
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When Coal India Limited (CIL), the world’s largest coal mining company, had posted a profit of ₹27000 crore in 2018-19 and held a reserve of ₹31000 crore, the FDI decision would demean its capability, she stated.
“Moreover, allowing 100 per cent FDI in coal for MNCs will carry a wrong message as it would contradict the very essence of Atmanirbhar Bharat” and would also kill the vision of self-reliant policy that we have been following since beginning,” Ms. Banerjee commented.
She also sounded alarm over what she called an abrupt decision to shift the desk office of four of its subsidiary companies - Bharat Coking Coal Ltd, Central Coalfields Ltd, South Easter Coalfields Ltd and Mahanadi Coalfields Ltd from Kolkata to their respective headquarters.
This move, she said, came at a time when the Central government was requesting every resident of the nation to follow restricted movement in order to rein in the COVID-19 pandemic.
