The New Policy is set out to integrate the country’s overall strategy with economic development and as a result, guide the exploration, extraction and management of minerals
India produces around 88 minerals: four fuel-related minerals, 10 metallic minerals, 50 non-metallic minerals, and 24 minor minerals, approximately 5.3% of the world’s minerals, metals, etc. and is a major country in the production of minerals. The country produces most of the nation’s energy requirements and it is anticipated to make a surplus of 61,670 MU in 2019.
Looking forward, the anticipated growth of India’s GDP, economic development, rapid urbanization, increased infrastructure investment, improved private investment, strong industrial activity, and increasing consumption has in recent years led to the boost in domestic mineral consumption. India falls under the top 10 countries in the world in the production of certain metallic minerals (Bauxite, Chromite, Iron Ore, Manganese Ore), metals (aluminum, steel, zinc), industrial metals (barytes, kyanite, alusite, sillimanite, talc) and mineral fuels (such as coal & lignite).
The Indian Mining industry has attracted more foreign investment in recent years than ever before. In 2014, investment in the mining sector through the Foreign Direct Investment (FDI) route saw a remarkable surge and in 2015 although investments dipped slightly, it has still been relatively higher than the investments prior to 2014. 2014 onwards evidently investments in the mining sector have been incentivized and the climate has been made very investor-friendly.
National Mineral Policy 2008 to National Mineral Policy 2019
This story is from the June -July 2019 edition of Legal Era.
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This story is from the June -July 2019 edition of Legal Era.
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