New Delhi, Oct 21 (PTI) Union minister G Kishan Reddy on Monday said that India's first coal exchange would be set up soon.
A coal exchange is likely to facilitate more sellers and buyers to trade coal as a commodity.
Talking to reporters on the sidelines of an event here, Reddy, who is coal and mines minister, said that coal exchange is likely to come up soon.
The plan for setting up the coal exchange was discussed in a recent meeting, the minister said further.
According to the coal ministry's action plan for 2024-25, the establishment of a coal trading exchange in the country would open up the coal market through an online trading platform, along with clearing and settlement mechanism and provide easy availability of dry fuel in the market.
The draft note for the Cabinet for setting up of coal exchange in the country was circulated for inter-ministerial consultations. "Final note for the CCEA has been approved by the Honorable Minister of coal," it said.
The Coal Exchange will work under the supervision of Coal Controller Organisation.
The minister further said that if required India will import coking coal from Russia.
Coal Additional Secretary Vismita Tej told reporters that there is a proposal to set up coal exchange which will be taken to the Cabinet for its approval.
The coal ministry has made some changes in the first cabinet note on coal exchange which was moved.
"Now we are going to offer coal trading platform where anybody can participate and in that there will be market discovered rate....if required we may go in for a regulator," she explained.