Media coined 'zero loss' theory on coal blocks allocations: P Chidambaram

New Delhi: Finance Minister P Chidambaram on Monday said that it was the media that incorrectly coined and attributed the 'zero loss' theory on coal blocks to him.

Lashing out at the media, Chidambaram said in a statement, "None of us used the phrase, 'zero loss'. Nevertheless, a section of the press has incorrectly reported that the government claimed that there was zero loss in the allocation of coal blocks.

"In fact, what I said was: If coal is not mined, if coal remains buried in mother earth, where is the loss. The loss can arise only if one tonne of coal is taken out of mother earth and sold at some unacceptable price or value.

Finance Minister P Chidambaram said that it was the media that incorrectly coined and attributed the \'zero loss\' theory to him.

"One of the reporters asked a question whether I was claiming that there was zero loss, to which I replied: 'You are putting words in my mouth'. I said question of loss or gain arises only in respect of coal actually mined from any of the 57 blocks. If the coal is not being mined, there is no question of a gain or a loss. That is what I said. So please quote me accurately."

"This statement is being issued to set the record straight."

(For updates you can share with your friends, follow IBNLive on Facebook, Twitter, Google+ and Pinterest)