Mining Ministry Sets Up Panel On Legislative Changes
Experts group set up to streamline norms and notifications
The ministry of steel and mines has constituted a committee to consider more legislative changes and delegation of powers to states. An experts group has also been set up to streamline norms, regulations and notifications.
Union Minister for steel & mines B P Baishya told a news conference here yesterday that the committee has been asked to submit its report in September.
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He said the government had cleared a proposal to set up a research and development mission for the steel sector. The ministry would sanction Rs 150 crore from the interests proceeds of the steel development fund every year for financing research and development projects identified by the mission.
He said an empowered committee with the secretary in the ministry of steel as the chairman, will be constituted shortly for approving specific research programmes.
Baishya said the government has also approved an allocation of upto Rs 50 crore per year for assistance to small scale industries corporations which supply steel to the units. It has also approved a proposal to allow corpus of steel development fund which is in the form of loans advanced to main producers to be recycled to them.
The fund was created in 1978 for the modernisation, research and development of the steel industry. Though the fund levy was withdrawn in April, 1994, outstanding loans from the main producers was a whopping Rs 5,559 crore. Around 84 per cent of these loans were disbursed to SAIL and 15 per cent to Tisco.
On the issue of prospecting for minerals, Baishya said that prospecting licences had been granted over more than 20,000 sq km area. The companies given approval for prospecting include BHP Mineral India Ltd, CRA Exploration India Ltd and the state-run Hindustan Zinc Ltd.
Baishya said 36 proposals with an investment of Rs 2,500 crore have been approved for foreign equity participation in mining and allied sectors.