Federation of Jharkhand Chamber of Commerce and Industry has criticized the decision of the Coal India Ltd to increase the prices across coal grades.
With the price hike of coal, the CIL expects to add nearly Rs 2500 crore annual revenue from 2014-15 onwards.The coal prices were effective from midnight May 28 and it will fetch CIL Rs. 2,100 crore in revenue for the fiscal FY14.
“This is nearly 12 percent hike in prices of coal. It will create a big burden on the consumers in the long run”,said FJCCI’s General Secretary Prem Kataruka.
He added, “With the steep rise in prices,the nation is not going to benefit. The staff and officials of the CIL who got their salaries revised are going to swallow large chunk of the revenue”.