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National Mineral Policy 2019 aims to raise mineral production by 200% in 7 years

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Mr A. K. Nayak, Joint Secretary, Ministry of Mines, Government of said that National Mineral Policy (NMP) 2019, which aims to hike mineral production by 200 per cent in seven years, is a fine document but would need support from all stakeholders to make it a success. Speaking at 'National Mineral Policy 2019 - A Landscape of New Opportunities' conference, organized by FICCI, jointly with the Ministry of Mines, Govt. of India, Mr said, "The new policy is a very fine document, but it is up to all of us to make it a blueprint for action.

Unless there is complete synergy among all stakeholders like industry, Central and state governments, regulators, it would be very difficult to make a headway."

Highlighting key aspects of the new policy, Mr said that it focuses on raising the share of in the country's GDP through large scale exploration with priority to deep-sea minerals and by assisting in getting the necessary clearances. "The NMP talks of increasing mineral production by 200 per cent in seven years. It's a very ambitious target. It also talks of reducing the trade deficit in mineral sector by 50 per cent in seven years. Government is conscious of the fact that there is a need to reduce the import bill," Mr said.

He also highlighted that the new policy has pitched for exclusive zones having in-principle statutory clearances and intergenerational equity, among others. Intergenerational equity is basically so that we don't exhaust all our reserves and leave nothing for the future generation, he added.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, June 14 2019. 09:07 IST