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Ease of doing business should be looked into to boost investment in mining sector: Parliamentary panel

22 Mar 2023 Evaluate

A parliamentary panel has suggested that factors like ease of doing business and increase in competitiveness should be looked into in a bid to boost a favourable investment environment for the mining sector. It also acknowledged the efforts of the Ministry of Mines to accommodate the private sector to help the mining sector reach new heights.

The Standing Committee on Coal, Mines and Steel in its latest report has said that the Committee has been given to understand that the amendment to the Mines and Minerals (Development and Regulation) Act, 1957 in 2015 and in 2021 has been aimed at increasing the production of minerals and time-bound operationalisation of mines, maintaining continuity in mining operations even after a change of lessee and increasing the pace of exploration and auctioning of mineral resources.

It further said these amendments have resulted in the enhancement of mineral production across the spectrum and will be a major boost to many industries which are primarily dependent upon key raw materials provided by the mining sector. The measures are intended to enhance self-reliance in the mineral sector by involving the private sector as a co-partner in the country's development and enhancing business opportunities in the economy. The Committee has been informed that the scope and potential for the private sector in the mining sector is widely available in the existing legislation. Further, the National Mineral Policy (NMP), 2019 envisages that the private sector would be encouraged to take up exploration activities.

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