Lok Sabha on Friday passed the Mines and Minerals (Development and Regulation) Amendment bill thereby allowing the Central Government to amend the Minerals (Development and Regulation) Act 1957 and provide for the removal of the distinction between captive and merchant mines. The Bill empowers the Central Government to issue directions regarding the composition and utilisation of funds maintained by the District Mineral Foundation. The Bill provides that captive mines other than atomic minerals may sell up to 50 per cent of their annual mineral production in the open market after meeting their own needs. Speaking on the Bill, Union Mines Minister Pralhad Joshi said: "We produce around 1.25 lakh crores worth of minerals while we import around 2.5 lakh crores worth of minerals. Mineral reforms will help in building an Aatmanirbhar Bharat."

"Mantra of PM Narendra Modi ji led government: Reform, Perform and Transform. Mineral Reforms are expected to generate around 55 lakh direct and indirect employment," Joshi said in Lok Sabha. "As per the vision of PM Narendra Modiji, we are enhancing Ease of Doing Business in the mining sector. All valid clearances granted in respect of a mine shall be transferred to the new lessee till the lifetime of those reserves," said the Union Minister in Parliament today.

"The Mines and Minerals Development (Amendment) Bill, 2021 has been passed by the Lok Sabha. I thank all Members who voted for the passage of this Bill. It will pave the way for #MineralReforms to make this sector driver of economic activities in the country," tweeted the Union Minister. Speaking on the Bill, Mines Minister Pralhad Joshi said that it has been brought to reform the mining sector in the country. He said the country has large reserves of several minerals but only 45 per cent were tapped so far which have resulted in dependence on imports. Terming the bill historic, Joshi said it will increase the production level of minerals, generate employment, increase revenues and ensure private participation in the exploration and mining activities.

He said more than 55 lakh employment will be generated in the country with the implementation of these reforms. The minister said that all revenue generated from the mining activities will be utilised by the State only. However, he said, the Bill empowers the Centre to specify a time period for completion of the auction process in consultation with the state government. Taking cognisance of the suggestions, he proposed that the Member of Parliament will be a member of the District Mineral Foundation. Both Houses of parliament have been adjourned till March 22 at 11 AM.