Govt passes ordinance to auction minerals

The proposal is for a new process of "auction by competitive bidding" for all mineral mines

The government passed an executive order on Monday to allow the auction of minerals such as iron and bauxite, a government official said, bringing it in line with the policy for coal to help arrest a fall in output and cut imports.

India used to hand over mining licences to firms without competitive bidding, leading to complaints of illegal mining and inviting judicial curbs that have choked an industry that contributes nearly 2% to Asia's third-largest economy.