The auction regime put the nation back by one generation with uncertain future for the growth of country’s mineral resources and continued dependence on ever-increasing imports, miners’ body FIMI has said.
It also stressed that it is high time for India to deliberate whether auction is the right policy instrument for mineral development.
Auction did not also prove to be as transparent or fair as was thought, Federation of Indian Mineral Industries (FIMI) Secretary General R K Sharma has said.
“Auction has neither served public good nor led to fair allocation of resources. The sole focus to maximise revenues for the states has adversely affected long-term mineral development in the country and socio-economic benefits in mining areas,” Sharma said.
