A parliamentary panel has suggested that greater transparency should be ensured in the auction of mineral concessions with pre-embedded clearances to give a fillip to the auction process and to achieve optimal utilisation of India's mineral resources for rapid industrial growth and socio-economic development of the country.
The Standing Committee on Coal, Mines and Steel in its report tabled in Parliament appreciated the efforts of the government to ensure the contribution of the mineral sector in achieving the national policy goals.
"...the committee recommend that greater transparency should be ensured in the auction of mineral concessions with pre-embedded clearances to give a fillip to auction process," the report said.
The committee also noted that India is well endowed with natural resources, particularly minerals which serve as raw material for many industries, paving a path for rapid industrial, infrastructural and economic development.
Minerals being valuable natural resources, constitute the vital raw materials for many basic industries.
The wide availability of minerals provides a base for the growth and development of the mining sector in India, which is an important segment of the Indian economy, it said.
India, it said, produces as many as 95 minerals, which includes four fuels, 10 metallic, 23 non-metallic, 3 atomic and 55 minor minerals (including building and other minerals).
"The government has introduced important reforms to open up the mineral sector to ensure its contribution in achieving the national policy goals like introduction of Right of First Refusal for RP/PL holders, encouraging the private sector to take up exploration; transfer of mining leases and creation of dedicated mineralcorridors to boost private sector mining areas proposes to make efforts to harmonise taxes, levies and royalty with world benchmarks to help private sector, etc," the report said.
Major reforms included the enactment of the Mines and Mineral (Development & Regulations) (Amendment) Act, 2021 which made the process of allocation of mineral concessions completely transparent by introducing public auctions with active participation of the state governments.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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