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Odisha tops with highest DMF collection of over Rs 3.4K crore till September-end: Prafulla Kumar Mallik

Capital Market 

With total funds collection worth Rs 3,433.66 crore up to end of September, has topped among all states in the country in terms of collecting and utilising funds under the District Mineral Foundation (DMF) mandated under the amended Mines and Minerals Development & Regulation (MMDR) Act, Steel and Mines Minister, Prafulla Kumar Mallik said.

As many as 9,896 projects with financial outlay of Rs 1,459.17 crore have already been initiated in different districts which cover drinking water, road infrastructure, education, health and others (sectors), said Mallik while inaugurating an 'on Mining in '

Introduction of provision for DMF under Section 9B of MMDR (Amendment) Act, 2015 has facilitated augmentation of funds to provide a permanent, sustainable solution to problems of tribals and poor people living in mining affected areas.

Talking about the need to emphasize more responsible mining, the Minister said that effective regulation and implementation of current laws is a pre-requisite for being able to continue mining of even most essential minerals.

Prevention and mitigation of adverse environmental effects due to mining of minerals and repairing and re-vegetation of affected forest area and land covered by trees in accordance with latest internationally acceptable norms and modern afforestation practices needs to form an integral part of mine development strategy, said Mallik.

He suggested the mining companies to forge alliances with infrastructure players, technology and equipment suppliers and financier's innovative ways including the public-private partnership model in order to optimise risk-reward equations and achieve economies of scale.

Lamenting that high turnaround time in network leads to poor operational efficiency, resulting in demurrages and detentions, the Minister said, Our Government is working to enhance and optimise logistics configuration between mines, plants, railways and ports.

He also said that high visibility of information supply chain and improved planning and collaboration between various service providers are to be optimised to improve efficiency of logistics operations.

Talking about technology up-gradation and modernisation, Mallik said, While we have come a long way, there is still lot of potential left for improvement.

He also said that end-use industries based on major minerals like chromite, bauxite, manganese, iron ore and coal have a wide scope of growth in which is India's sixth largest state in terms of value of mineral production.

The Minister further said that survey and exploration is the first step towards developing domestically available minerals for internal utilisation in infrastructure, capital goods and basic industries as vast resources lie unexplored.

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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, October 13 2017. 10:49 IST