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Optimum mining technology is the need of the hour: Coal Minister

Published: May 29, 2023

By TIOLCorplaws News Service

MUMBAI, MAY 29, 2023: "TODAY we are completing nine years of government. A lot has changed in these nine years. Stability and ability has added respectability to India" said Union Minister of Coal and Mines and Parliamentary Affairs, Pralhad Joshi. He was speaking at the inauguration of the 1st Mining Start-Up Summit at IIT, Bombay in Mumbai. Also present on the occasion were Dadaji Bhuse, Minister of Mines, Government of Maharashtra, Vivek Bharadwaj, Secretary, Ministry of Mines, Government of India, Shri Sanjay Lohia, Additional Secretary, Ministry of Mines, Government of India and Shri Subhasis Chaudhuri, Director, IIT Bombay.

Speaking about the First Mining Start Up Summit, Joshi said, "Today, through the first Mining Start Up Summit we are moving a step forward towards changing aspirations of Atmanirbhar Bharat in this sector to a reality This first Mining Start Up Summit has 82 Start Ups and 140 participants. Dependence on imports leads to rise in costs and increase in foreign expenditure. To discourage imports we must have new ideas and thoughts."

Elaborating on the development in the last nine years, the Union Minister further added, "From 500 million tonnes of coal production in 2014, today we are the largest producer and importer of coal. We have the fourth largest coal reserves. This year the production of coal has reached 850 million tonnes. We hope to stop import of thermal coal completely by 2025-2026. Further, a transparent system has been put into place for exploration and auction and all discretionary power has ended. From 300 Start-Ups in 2014, in the last nine years we have touched one lakh Start Ups and a hundred unicorns. They have created nine lakh jobs and added a cumulative value of 333 billion dollars. We however need to take this further. Sustainable and optimum mining technology is the need of the hour. For the same, Start-Up technology is essential."

Explaining the stance of the government on supporting Start Ups, Joshi said, "The government is very clear on supporting the industry and businesses to do well. Through the revenue received from supporting industry and businesses, the government wants to help the economically weaker sections of the society. When people and government work with confidence and faith things change for the better."

On the occasion he also appealed to PSUs to earmark some funds for buying products made by Start Ups.

Addressing the audience, Secretary, Ministry of Mines Vivek Bharadwaj said, "This is a time of unlimited opportunity. Hence that is also the tagline of the Summit. The same is exemplified by the Prime Minister's vision of Amrit Kaal."

Earlier the Union Minister of Coal and Mines and Parliamentary Affairs, Shri Pralhad Joshi also inaugurated the state of art exhibition, showcasing the advancement of technology in mining sector.

The concluding session of the summit will be chaired by Shri Raosaheb Patil Danve, Union Minister of State for Mines, Coal & Railways.

About the 1st Mining Start Up Summit

The 1st Mining Start-up Summit has been organised in collaboration with Indian Institute of Technology, Bombay.  

The technical sessions that will follow the inauguration will witness the Ministry of Mines interact with the start-ups in the field of Mining and Metallurgy. This will help deliberate on how these start-ups equipped with different technology can contribute in the activities of mining sector and boost the capabilities of exploration and mining and enhance the efficiency of mining sector.

The summit will also be focusing on interaction with leading industries in the mineral exploration sector, financial institutions and banks. Students and young professionals working in the fields of exploration, virtual reality, automation, drone technology, consultancy, etc. will also be benefited from the event.

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