New Delhi: Cabinet on Friday said coal price will be decided by the producers but the principles and guidelines for deciding the pricing will be laid by the newly approved Coal Regulatory Authority.
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 Finance Minister P Chidambaram.
He further said 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 said, adding 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," he added.
The Cabinet has also approved the draft affadavit proposed by the Group of Ministers for greater autonomy of the Central Bureau of Investigation, Chidambaram said.
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