Monday, September 20, 2021

Govt plans to further amend Mines and Minerals (Development and Regulation) Act to bring about tangible reforms in mining sector

Government is is contemplating further amendment to the Mines and Minerals (Development and Regulation) Act to bring about tangible reforms in the mining sector of the country. Addressing a function in New Delhi yesterday for handing over 100 G4 mineral blocks reports of Geological Survey of India to different States, Union Minister for Coal and Mines, Pralhad Joshi urged the mining sector to increase the contribution of the sector to the country’s GDP to 2.5 per cent. He said his Ministry is in the process of finalizing the accreditation process for private exploration entities.

Mr. Joshi called upon the states that received the mining block reports to act on them without any delay to make the auction process faster. Stating that proactive approach by the State governments can bring about tangible reforms in mining, the Minister assured all assistance from the Centre. He pointed out that despite having the fourth largest coal reserve, India is still importing thermal coal and its mineral potential is no way less than other mineralrich countries like Australia. He added that mining is crucial for both Aatma Nirbhar Bharat as well as for India to become a five trillion dollar economy. He said, during the past decades this sector was mired in controversies and choked by political apathy and the present Government has taken several transformative initiatives to invigorate the mining sector and also to accelerate mineral exploration in the country.

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