Govt to issue executive order to set up coal regulator
Union Finance Minister P. Chidambaram on Friday said that the government will issue an executive order to set up the coal regulator. He added that earlier PFRDA and SEBI were also set up under similar guidelines.
Chidambaram statement came a day after the Union Cabinet, headed by Prime Minister Manmohan Singh, gave its nod for the setting up of an independent regulator for the coal sector.
Coal Regulatory Bill will now be introduced in Parliament and pending passage of the Bill, coal regulator will be set up through an executive order, said Chidambaram.
He added that the Cabinet Committee on Economic Affairs CCEA has approved a hike in natural gas prices. The present gas pricing policy under NELP has been approved by the government for 5 years with effect from April 2014.
The minister also said that gas production in India has declined over the last few years. The importing of gas is simply unaffordable for India. Either we increase the production or do without it. Investments in gas exploration are currently stagnant.