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Coal sellers and buyers are going to get a special facility in the coming days. Coal and Mines Minister G Kishan Reddy said on Monday that the government will soon set up the country’s first coal exchange. Coal exchange, that is, a market for buying and selling, will facilitate sellers and buyers in buying and selling coal. According to PTI news, Reddy told reporters in a separate conversation during a program here that the coal exchange is likely to start soon.
The coal market will open through the online trading platform.
According to the news, the minister said that the plan to set up a coal exchange was discussed in a recent meeting. According to the action plan of the Ministry of Coal for 2024-25, the establishment of an exchange for coal trading in the country will open the coal market through an online trading platform. Along with this, the clearing and settlement mechanism will also open and the availability of this fuel in the market will become easier. It said that a draft note for the Cabinet to set up a coal exchange in the country was issued for inter-ministerial consultation.
The exchange will work under the supervision of the Coal Controller Organization.
The final note for the Cabinet Committee on Economic Affairs has been approved by the Coal Minister. The coal exchange will work under the supervision of the Coal Controller Organization. The minister further said that if needed, India will import coking coal from Russia.
