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Mining can add up to $70 billion and 6-8 million jobs to economy: CII report

21 Nov 2016 Evaluate

A report by industry body, Confederation of Indian Industry (CII), which works to create and sustain an environment conducive to the growth of industry in India, has said that a vibrant mining sector has the capacity to spur growth and add up to $70 billion to the country’s economy as well as generate 60-70 lakh jobs.

The report stated that a vibrant mining sector has the potential to propel economic growth not just through its contribution to GDP but also through its forward and backward linkages. Adding that in high growth scenario, mining sector can add close to $ 70 billion to GDP from now to 2030. It also said that mining could play a crucial role in employment generation for India moving many from poverty to empowerment. In an accelerated growth scenario, mining can generate an additional 6-8 million jobs.

The report titled Mining Opportunities - Realising Potential, also stressed on dealing with clearances which it says “still remain an impediment for a smooth transition from auction stage to implementation stage”. The report said that Environment and Forest clearances take long time in clearing adding that industry realises that these are non-negotiable and sustainable development needs have to be addressed at all stages. It added that however, the problem is the inordinately long time that is required for obtaining this clearance and the cumbersome process involved therein.

It further said that there is significant room for improvement in the clearance system in terms of efficiency, speed of decision making, predictability and transaction and said finalise specific timelines for each approval process step, without modifying the overall stipulated time in the notification. Finalise responsibilities and accountability at each process step, wherever not defined at present.

 

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