In March 2015 the Union government said through a press release, “India has hit a gold mine with the recently concluded auction of 29 coal mines in two phases. The public exchequer continues to swell on revenue from coal block auctions.
The total proceeds from the coal mines auctions have crossed Rs 1.93 trillion surpassing CAG’s estimate of Rs 1.86 trillion losses on account of allocation of 206 captive coal blocks without auction since 1993.” It estimated that revenue of Rs 3.35 trillion would likely flow to states through coal mines e-auctions and allotments. Read more
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