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Thursday, September 25, 2014

SC Ruling on coal blocks, negative impact on economy: ASSOCHAM

Holding the Supreme Court in greatest respect, apex industry body ASSOCHAM today said its ruling, though, cancelling 214 coal blocks including those which are operational or are on the verge of getting operational is a bit harsh. 

“Our main concern is on the kind of negative impact on the economy which has just been showing signs of recovery after over two years of slowdown,” said Mr Rana Kapoor, President of ASSOCHAM while reacting on the ruling of the apex court. 

“Being largely dependent on the thermal power, it is the coal which fires the economic growth, which will be halted, besides, the dependence on coal imports will increase,” said Mr Kapoor. 

The ASSOCHAM Chief also expressed hope that the government gets about announcing new system of allocation of coal blocks with great speed. 
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