Reconsider decision allowing 100% FDI in coal mining: Mamata Banerjee to PM Modi

By: |
June 26, 2020 5:28 PM

The chief minister also described the move of the coal ministry to shift the desk offices of four of its subsidiary companies from the state as an "abrupt decision" and requested the prime minister to intervene in the matter.

The chief minister also described the move of the coal ministry to shift the desk offices of four of its subsidiary companies from the state as an “abrupt decision”

Expressing reservations about the central government allowing 100 per cent foreign direct investment (FDI) in the coal sector, West Bengal Chief Minister Mamata Banerjee has written to Prime Minister Narendra Modi requesting him to reconsider the decision.

“I express my serious reservation on this policy announcement on cogent grounds. This policy can neither bring foreign direct investments nor can it bring technologies or knowhow which we are unable to access today,” Banerjee wrote in her letter to Modi on Thursday night.

“The recent trend and empirical evidences clearly showcase the interest of global investors more in renewable energy projects as compared to the coal mining projects. In fact, research suggests that about 100 global financial institutions have divested their thermal coal investments. Therefore, FDI in thermal coal is a far cry,” she said.

The chief minister also described the move of the coal ministry to shift the desk offices of four of its subsidiary companies from the state as an “abrupt decision” and requested the prime minister to intervene in the matter.

“I would, therefore, request you to kindly reconsider the decision of allowing 100 per cent FDI in coal sector and also strongly urge your kind intervention for advising the ministry of coal not to go ahead with the decision of Coal India Ltd to wind up their subordinate offices from Kolkata,” she added.

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