India is among the few countries that are blessed with immense mineral resources. The geography of the country holds reserve of about 100 minerals, including four fuel-related—like coal, lignite, uranium, thorium –10 metallic, 23 non-metallic, and three atomic, but is still awaiting extensive exploration of its mineral.
Nevertheless, there is abundant investment opportunities in India’s mining sector, for both domestic and foreign investors, but the key would be how they redefine sustainability with technology and bring in long-term changes in operations. Legacy issues that plague the mining sector need to be resolved by going to the root of each issue.
A large part of mining activity happening is for coal as it has a major role to feed largely three most important sectors—power, steel and cement—the sectors that have greater contribution in economic growth of the country.
The Ministry of Coal is looking at ways to attract foreign participation in the coal mining sector. One of the options being considered is carving out larger coal blocks to meet the requirements of foreign investors, according to Coal and Mines Minister Pralhad Joshi. “We have opened up the coal mining sector for Foreign Direct Investment under the automatic route. We are formulating various policies to attract foreign investors and private sector within the country,” Joshi said at the India Energy Forum recently.
Policy Action
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