In a statement, India Ratings said government needs to focus on coal sector reforms such as restructuring Coal India (CIL) and expanding private sector's participation in coal mining.
The rating agency said this while welcoming the decision of the government to set up coal regulatory authority.
Although the decision of setting up the proposed authority has brought in considerable optimism, India Ratings believes the mere constitution of a regulator in itself cannot act as a panacea for all the problems facing the sector, the agency said in the statement.
The ratings agency further said the mandate given to the regulator and the resources provided to it for effective discharge of its duties in an independent and transparent manner, free from political interference, would be vital to realise the government's objectives.
The agency said the coal regulatory authority can potentially bring considerable relief to industries which depend on coal as a critical input, most notably the beleaguered power sector.
Acute shortages, poor quality, inefficient mining practices and distorted pricing mechanisms are some of the issues plaguing the sector, the agency pointed out.
Virtual monopoly enjoyed by the state-owned Coal India (CIL) is blamed for many of these issues, the agency said.
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