Mining fell by 17% this fiscal. The sector can be enhanced to 7% of the economy, as is the case with many mineral-rich countries, from the current 1.7%. The recent Cabinet decision recommending the amendment of the MMDR Act 2015 and the Rules related to this should bring a course correction, with ease of surveys, FDI, environment and forest clearances, getting possession of land, the rationalisation of royalties and double taxation, logistics improvement, etc. While the Cabinet decision reflects intent, many concerns remain unaddressed.<\/p>\n
According to a 2014 McKinsey Global Institute report, India needs to create an additional 115 million non-farm jobs by 2022 to reduce poverty. Mining has the potential to provide 12% of these non-farm jobs. India currently produces 95 minerals (four fuel, three atomic, 10 metallic and 23 non-metallic and 55 minor minerals). So far, 5.71 lakh square km has been identified by the Geological Survey of India (GSI) as area of Obvious Geological Potential; only 10% of this is being mined. India has significant reserves of coal, bauxite, titanium, chromite, natural gas, diamonds, petroleum, and limestone that are yet to be made productive.<\/p>\n","protected":false},"excerpt":{"rendered":"
Mining fell by 17% this fiscal. The sector can be enhanced to 7% of the economy, as is the case with many mineral-rich countries, from the current 1.7%. The recent Cabinet decision recommending the amendment of the MMDR Act 2015 and the Rules related to this should bring a course correction, with ease of surveys, FDI, environment and forest clearances, getting possession of land, the rationalisation of royalties and double taxation, logistics improvement, etc. While the Cabinet decision reflects intent, many concerns remain unaddressed. According to a 2014 McKinsey Global Institute report, India needs to create an additional 115 million […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[198,130,138],"tags":[],"class_list":["post-402946","post","type-post","status-publish","format-standard","hentry","category-coal-the-financial-express","category-newspapers","category-the-financial-express"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/402946","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=402946"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/402946\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=402946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=402946"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=402946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}