Accord priority sector status to metals, minerals: Assocham
Press Trust of India / New Delhi Jun 08, 2009, 16:30 IST
Industry chamber Assocham today asked the government to accord priority infrastructure sector status to the metals and minerals industry to increase foreign investments.
It said the status would ensure inflow of foreign investments and absorption of overseas technologies in the sector for better yield and exploration prospects.
It also asked the Centre to declare mineral-rich states as a Special Mining Zones (SMZs) in the Budget proposal, with pre-approved clearances from the Ministry of Environment.
"There is also a need to make amendments in the Forest Conservation Act (1980) to allow de-reservation of forest land in proposed SMZs," it said.
Assocham also called for creation of a Special Mining Appellate Body with powers of the High Court to adjudicate and resolve within a set time frame all allocation issues of large litigated mines.
It further said that the government should ease the process of entry of foreign players in mining so that the domestic players can avail the benefits of foreign technologies.
"This step will also mobilise investment, create competitive pressures and will enable sale of excess production from captive blocks with appropriate checks," it said.
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