Plans to boost mineral output by 200 in next 7 years Mines

first_imgNew Delhi: Aiming to boost India’s mineral output by 200 per cent in the next seven years, Union Minister Pralhad Joshi on Thursday said about Rs 1,500 crore lying in exploration trust, could be used for accelerating this work. He said the mining industry is undergoing reforms through transformative investor friendly interventions like the 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. Also Read – Commercial vehicle sales to remain subdued in current fiscal: Icra”More than Rs 1,500 crore has been accumulated in the NMET fund during last three years. And as far as the information I have, today out of that …around Rs 200 crores have been spent…For exploration activities there is a fund to invest,” he said urging geoscientists to come forward. Mines and Coal Minister Joshi urged the geo-scientists to come forward to unearth deep-seated minerals as demands on mineral resources in the country are at an all-time high. “Mining sector has a pivotal role to play in the ‘Make in India’. 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 said. He said to boost mining, National Mineral Policy 2019 has been unveiled that proposes to attract private investment through various incentives like financial package, right of first refusal at the time of auction etc.last_img read more