The Federation of Indian Chambers of Commerce and Industry (FICCI) has welcomed Indian government’s efforts for bringing in reforms in the mining sector, adding that it will boost this sector’s contribution to employment and GDP. The mining reform bill has been cleared by the Lower House of the parliament and is yet to be tabled in the Upper House.
In a statement, FICCI said mineral exploration, production, and domestic supplies will aid the country and that financial stress for the miners will be reduced by attracting foreign and domestic investments into the mining sector.
Rahul Sharma, Co-Chair, FICCI Mining Committee and CEO, Aluminium & Power, Vedanta Ltd welcomed the government’s efforts for promoting ease of transfer for non-auctioned captive mines to increase mineral production from such mines.
Pankaj Satija, Co-Chair, FICCI Mining Committee and Chief Regulatory Affairs, Tata Steel said that the amendment for transfer of all statutory clearances till the exhaustion of mineable reserves would lead to faster operationalisation of mines by the successful bidders and would ensure raw material sufficiency for end-use sectors.
Sumit Deb, Co-Chair, FICCI Mining Committee & CMD, NMDC said that the introduction of composite license regime would enhance mineral exploration and production in the country, alongside attracting investments both from domestic as well as foreign investors. Deb recognised the reform of exploring the possibility of making the National Mineral Exploration Trust (NMET) an autonomous body, for better utilization of NMET funds and increasing the mineral exploration in the country.