A mineral trading exchange is going to be set up in the country to facilitate better price discovery for industries, traders, and other stakeholders, said Union Coal and Mines Minister, G Kishan Reddy on Saturday.
The exchange would be established as per the norms of Securities and Exchange Board of India (SEBI) and run on the lines of the London Metal Exchange, the minister added.
Mineral exchange was made part of recently-passed legislation in the Parliament, therefore, its guidelines would be issued soon, Reddy informed.
The coal and minerals sector is bracing for the impact of the imposition of tariffs by the US administration, which is set to come into effect on August 27.
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When asked if the tariffs would translate into losses for the domestic coal industry, Reddy underplayed the effects, saying the government had already reduced coal imports substantially, saving foreign exchange to the tune of ₹60,000 crore.
The Centre also plans to ramp-up exports of iron ore and aluminium, for which production has been enhanced on a large scale.
Meanwhile, since the country’s steel-makers have boilers that are built for use of high-quality imported coal, the government has also directed them to caliberate boilers to use Indian coal so as to reduce dependence on imports, Reddy shared.
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