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A move that is aimed at making the regulatory environment conducive to the ease of doing business, the procedures for grant of mineral concessions shall be transparent.
The last date for receipt of the comments is February 9, the ministry said in a statement.
Here are the key takeaways from the draft policy:
1) Role of states in mining will be facilitation and regulation of exploration activities by investors and entrepreneurs.
2) There shall be transparency while reserving areas for state agencies unless security considerations or specific public interests are involved.
3) Grant of clearances for commencement of mining operations shall be streamlined with simpler and time-bound procedures.
4) To explore the country's entire geological potential, a detailed exploration should be carried out systematically in a time-bound manner.
5) The role of the government agencies would be survey and exploration, while the private sector would be encouraged to take up exploration activities.
6) Exploration would be incentivised to attract private investments through an adequate financial package or through right of first refusal at the time of auction.
7) Clearances will be streamlined with simpler, accountable, and time-bound procedures.
8) In the offshore areas, country's exclusive economic zone should be explored and exploited.