You are here: Home » Economy & Policy » News
Business Standard

Govt receives large number of suggestions on proposed mining reforms

A large number of comments/suggestions on the proposed reforms have been received by the ministry in response to public consultation notice, which are being examined in detail

Topics
Centre | Mining reforms | illegal mining

Press Trust of India  |  New Delhi 

Creating a separately listed firm eventually with a shareholding akin to NMDC shall be value accretive to its minority shareholders, say analysts at ICICI Securities
Under the Atmanirbhar Bharat scheme, the Centre had in May announced enhancing private investments in the mineral sector and bringing in other reform measures.

The on Tuesday said there is no proposal to certify as legal, adding that it has received a large number of suggestions on the proposed

The mines ministry had recently sought suggestions from the general public, mining industry and other stakeholders on the proposed reforms in the Mines and Minerals (Development and Regulation) Act, 1957.

"There is no proposal to make as legal....Ministry of Mines had circulated the proposed reforms in the Mines and Minerals (Development and Regulation) (MMDR) Act, 1957 with different Central Government Ministries /Departments and also to the State Government for comments/ suggestions," the mines ministry said in a statement.

"Further, in order to give wide publicity to the proposed reforms, as per pre-legislative consultation policy, the ministry hosted the notice dated August 24, 2020 along with a note explaining the provisions of proposals on the website of the Ministry of Mines for seeking comments/ suggestions...," the statement said.

A large number of comments/suggestions on the proposed reforms have been received by the ministry in response to public consultation notice, which are being examined in detail, it added.

Under the Atmanirbhar Bharat scheme, the had in May announced enhancing private investments in the mineral sector and bringing in other reform measures.

In order to implement the announcements, the Ministry of Mines has proposed legislative amendments to the MMDR Act, 1957 for undertaking structural reforms in mineral sector with the objective of accelerating growth and employment generation.

The proposals include increasing mineral production and employment generation by redefining the norms of exploration for auction of mineral blocks and ensuring seamless transition from exploration to production.

They also include resolving legacy issues to move towards an auction only regime for allocation of mineral resources, removing the distinction between captive and non-captive mines, developing a transparent National Mineral Index and clarifying the definition of illegal mining, among others.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, September 15 2020. 23:52 IST
RECOMMENDED FOR YOU
.