Tomar invites foreign firms to invest in exploration and mining in India

Union Minister of Steel and Mines Narender Singh Tomar has invited foreign firms to come to India and invest in its mining sector. He also said that these firms would be given opportunities to undertake exploration-related activities as well.

Addressing the India Day session at the Mining Indaba in South Africa yesterday, Tomar highlighted the changes being initiated by the NDA Government, and specifically mentioned that all mining concessions are now to be granted through the auction route in a transparent and fair manner.

The session, according to an official release of the ministry, elicited considerable interest amongst participants.

Tomar emphasised that in this age of globalization, mining is being done not only to satisfy domestic requirements, but also to meet growing international demands.

He said that in the coming years, mining is expected to be a key industry, attracting huge investments (both domestic and foreign) thereby generating additional employment.

"Today, growth in isolation is not possible. Neither it is desirable. We need to understand one another's strengths and explore areas for cooperation. We see such a potential for partnership between India and African region. India is rich in mineral resources, but large part of this remains unexplored," he said.