KOLKATA: The finance minister’s announcement on mining sector reforms is expected to foster a new ecosystem which would have a transformative impact on the growth of the economy, employment generation and equipment manufacturing under the ‘Make In India’ initiative, Ranjit Rath, Director General, Geological Survey of India (GSI) has said.
“The announcements will have a multifold impact,” Rath who is also chairman of MECL said in an official statement on Sunday. Commenting specially on the announcement of joint auction of bauxite and coal blocks, he said power is the most important requirement for producing aluminium and constitutes 30-40% of all the components. Hence joint auction of bauxite and coal is a significant step.
He said the move to incentivise production is also a significant step taken by the government.
