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Coal auction a Rs 50,000cr annual bonanza for states
Now those who questioned the figures quoted by CAG in coal scam got their answer? I am happy for my state and it will empower the states.The aggressive bidding in the auction of coal blocks has prompted the government to revise its internal projections of revenue to states to Rs 15 lakh crore (50,000 crore annually) from 204 blocks over the next 30 years from around Rs 7 lakh crore estimated a few weeks ago, half of which was to come by way of royalty.
The resources that will flow to the coal producing states such as Jharkhand, Odisha, Chattisgarh, West Bengal, Madhya Pradesh, Maharashtra and Arunachal Pradesh will be more than the Centre's budgeted non-plan expenditure for the current financial year and many times higher than what the states, several of which have large proportion of poor, spend currently.
"It is going to be much higher than what we had anticipated," acknowledged a government official, who did not wish to be identified.