New Delhi: India on Wednesday liberalised the mineral sector paving way for large private investments through auction of nearly 500 leases, doubling production in the next 4-5 years, sources said.
The amendments, now to be laid before Parliament in the Budget session, do away with distinction between captive and non-captive mines, allowing transfer of mining leases.
Comprehensive license for exploration and production, clarity in illegal mining, national mineral index and joint auctions of bauxite and coal mines for aluminium sector are some of the other proposals that have been approved by the Cabinet.
The Union Cabinet chaired by Prime Minister Narendra Modi approved structural reforms in the mining sector through legislative amendments to the MMDR Act, 1957, the sources said.
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