Union minister urges mining sector to contribute 2.5% in GDP by 2026-27

Union minister Pralhad Joshi on Wednesday urged all stakeholders from the mining industry to take the sector's contribution to GDP to 2.5 per cent by 2026-27 and said that the government will come up with investor-and industry-friendly norms.

Joshi, who holds the portfolios of Parliamentary affairs, coal and mines, was speaking at the 75th foundation day of the Nagpur-based Indian Bureau of Mines, a multi-disciplinary government organisation.

The minister said many sectors in India are transforming and the country's mining businesses can achieve the target of a 2.5 per cent contribution to the country's Gross Domestic Product (GDP) by 2026-27.

Addressing entrepreneurs and representatives of the mining sector, Joshi said the Indian Bureau of Mines, government and private mining entities should work towards this goal.

Joshi said the government has brought in many changes in the sector and would be introducing more investor-and industry-friendly norms in future, most probably in the coming budget session.

The minister appealed to the industry to improve production in a sustainable manner. He said, There is a huge opportunity and potential for growth and so many needs of the world have to be fulfilled by India now. Be it raw material, finished products or service sector.

He said businesses are now exiting from the world factory that is China and they feel that India under the leadership of Prime Minister Narendra Modi is a safe haven for them.

Joshi asked people from the mining industry to hold talks with state governments to operationalise the mines that have already been auctioned. He said minerals are the sources of revenue for states.

Joshi pitched for the use of technology, global best practices and artificial intelligence in exploration and mining and talked about the government's initiative to bring down to zero the import of thermal coal.

India's coal production this year will be nearly 900 million tonnes and will touch a billion tonnes next year, he said. The government is helping the private sector with liberal policies towards making India Atma Nirbhar (self-reliant), he added.