Policy & regulation of mining should reflect commercial responses to market signals and address the need for recognizing mining as an industry to enable focused and free growth of the natural resources sector in India.
The development of civilizations from the dark ages till modern days has always been indicated in terms of the metals and minerals perspective. Since times known as the ‘Bronze Age’ to what came to be known as the ‘Iron Age’, metals & minerals have had a great impact on human civilization. The advent of iron after the Bronze Age brought with it greater capabilities to humankind in strengthening various aspects of human civilization, from cultivation to hunting to exposure to machinery.
The Iron Pillar at Qutab Minar in India stands tallest among civilizations who perfected the Iron Age. The technological advancement in iron in India is apparent from the rust and damage free pillar of iron made in India centuries ago.
Following the Iron Age, the modern era of industrialization and development started with the use of steel which we have seen as the ‘Steel Age’. In India, the TATA Iron and Steel Plant marked the process of industrialization, signifying a march towards Modern India.
India is ranked as having the 3rd largest mineral reserves in the world. Foreign Direct Investments (FDIs) in Indian mining, exploration of metal and non-metal ores including diamond, gold, silver, permitted precious ores and related sectors including manufacturing of equipments etc. are permitted up to 100%, subject to the Mines and Minerals (Development & Regulation) Act, 1957. However, despite 100 percent FDI being permitted in the mining sector, mining accounts for only 0.7 percent FDI inflow in 2000-17.
India’s geological setup is similar in many ways to that of natural resource-rich countries like Canada, Australia, Brazil, South Africa, Chile and Mexico etc.
This story is from the December 2017 edition of Legal Era.
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This story is from the December 2017 edition of Legal Era.
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