Removal of certain section of Mining Act may lead to irreparable loss of investors’ confidence: FIMI
New Delhi: Miners’ body FIMI on Sunday said that the removal of certain section of Mining Act, which will pave way for auctioning of more than 500 blocks, is bound to lead to irreparable loss of investors’ confidence in country’s mineral sector, apart from multiple litigations in courts. “Had this Section 10A(2)(b) not been repealed, there would have been additional job creation through these saved 500 concessions,” the Federation of Indian Mineral Industries (FIMI) Secretary General, R K Sharma, said.
On conservative basis taking an average of 100 employees per mine in the initial stage for 500 mines, there will be an employment generation of 50,000 jobs directly. Since the ratio of direct to indirect employment in mining sector is 1:10, the total employment generation will be 5.5 lakh jobs — 50,000 direct and five lakh indirect.
