finally be caught in the UPA web; that is an irony!
The chronology of the allocation process tells its own story, and goes some way towards demolishing Manmohan Singh’s case that since his government was only abiding by the policy drawn up in 1993, the original sin lies elsewhere. Between 1993 and 2005, during which period, India was barely stirring itself out of the slow-growth orbit and demand for coal wasn’t as high (and China’s own demand for mineral resources from around the world had not yet become monstrous), only 70 coal blocks were allocated. But between 2004 and 2009, with coal prices soaring on increased demand, principally from within India and from China, the UPA 1 government went into overdrive, allocating 142 coal blocks.
More tellingly, a flurry of allocations was made around the time of the May 2009 elections. In more than a few cases, as has been established, they were not even companies that had a track record in the mining space. Clearly, the attempt was to corner the coal blocks before a transparent system of auctions was implemented, sit on the hoard that they had thus secured, and sell them at a later date when prices rose even higher. Mining the coal from the “wombs of Mother Earth” as P Chidambaram so colourfully put it, was farthest from their minds.
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