Mumbai, May 29 (IANS): Coal and Mines Minister Pralhad Joshi on Monday said that from 500 million tonnes of coal production in 2014, today India is the largest producer and importer of the dry fuel.

Addressing the first Mining Startup Summit here, Joshi said that today India has the fourth largest coal reserves.

"This year, the production of coal has reached 850 million tonnes. We hope to stop import of thermal coal completely by 2025-2026. Further, a transparent system has been put into place for exploration and auction and all discretionary power has ended," he said.

"This first Mining Start Up Summit has 82 Start Ups and 140 participants. Dependence on imports leads to rise in costs and increase in foreign expenditure.

"To discourage imports we must have new ideas and thoughts," he added.

"From 300 Start-Ups in 2014, in the last nine years we have touched one lakh Start Ups and a hundred unicorns. They have created nine lakh jobs and added a cumulative value of $333 billion. We however need to take this further. Sustainable and optimum mining technology is the need of the hour. For the same, Start-Up technology is essential," Joshi said.