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Coalgate
Is a Political scandal concerning the Indian Governments allocation of Coal deposits to PSEs or Private Firms. Over eight years were wasted in not implementing the competitive bidding policy so that 142 successful entrepreneurs could be arbitrarily selected.
Disturbing information has surfaced that a valuable public resource was being allocated arbitrarily with the underlying condition of political funding of the party in power.
Coalgate
For almost five out of the eight years the Prime Minister was the Coal Minister The officials in the PMO who dealt with the Coal Ministry files were not unaware of what was going on. Many allotted were traders and not actual users. Several allotments have been made without the recommendation of the State Governments.
Influenced by Corruption?
The initial report suggested that coal blocks could be allotted for efficiently, at no point did it suggest that corruption was involved.
In response to a complaint by the BJP, the Central Vigilance Commission (CVC) directed the CBI to investigate the matter.
Against a predicted growth rate of production of 43.07 per cent (Original) and 33.73 per cent (revised) for XI Plan, the actual growth of production was only 19.51 per cent in four years till 2010-2011.
Even the reduced target of production by the Planning commission in the mid-term appraisal, was further lowered by 8.12 per cent by CIL for 2011-2012
Discussion about the issue was placed in the Parliament on 26th Aug, 2012 by the Prime Minister with wide protests from the opposition.
Comment P. Chidambaram
Speaking at a press conference on the CAG report, Union Finance Minister P Chidambaram said, As long as the coal remains in Mother Earth, there is no loss. Only if the coal is mined and sold at a price that costs the national exchequer and some makes undue gain, then it can be said that there has been loss.
Allegations
i. ii. Against S Jagathrakshakan Minister of State for Information and Broadcasting in the UPA government. Part of a company named JR Power Gen Pvt Ltd which was awarded a coal block in Orissa in 2007. The same company which formed a joint venture with a public sector company, Puducherry Industrial Promotion Development and Investment Corporation (PIPDIC), on January 17, 2007 five days after, PIPDIC was allotted a coal block. JR Power had no expertise in thermal power, iron and steel, or cement, the key sectors for consumption of coal.
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In 2010, JR Power sold 51% stake to KSK Energy Ventures, an established player with interests in the energy sector. In this way, the rights for the use of the coal block ultimately passed on to KSK.
Premchand Gupta :
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