Unearthing For The Future

Mining Industry in the country has been on shaky grounds and is looking at the government for proactive policy measures and support to sustain and survive to keep the allied industries running, reports EPC World.

An enormous push to the commercial mining sector is on the anvil with the government planning to introduce a slew of reforms to push the growth of the mining sector by drawing investors and improving mineral production in the country. Recently, Union Minister Pralhad Joshi had announced the usage of almost ₹ 1,500 crore lying in exploration trust for accelerating the country’s mineral output by 200 per cent in the coming seven years.

With other measures like Mines and Minerals (Development and Regulation) Amendment Act 2015, that introduced transparent and competitive auction process for grant of mineral concessions besides setting up of National Mineral Exploration Trust (NMET) to accelerate mineral exploration activity, reforms in the sector are gaining prominence.

“Mining sector has a pivotal role to play in the ‘Make in India’ vision of the Prime Minister. Growth of economy is dependent on uninterrupted supply of minerals, which form the basic raw materials for industry... The Government aims to increase mineral production (in value terms) by 200 per cent in 7 years,” the Minister had said during National Geoscience Award 2018.

Previously, National Mineral Policy 2019 had been unveiled to boost the mining sector that proposes to attract private investment through various incentives like financial package, right of first refusal at the time of auction etc. Industry experts have also cited their concern with the fact that since the search for the near surface deposits have reached a point of saturation, finding deep seated and concealed mineral resources by applying state-of-the-art technologies is another challenge staring at the nation.