Union Minister Pralhad Joshi has said that the Ministry of Mines is contemplating an amendment to the Mines and Minerals (Development and Regulation) Act to bring about tangible reforms in the mining sector of the country.
He urged the mining sector to increase the contribution of the sector to the country’s GDP to 2.5 per cent and also urged the states to be proactive in auctioning mining blocks.
Addressing a function organized by the Ministry of Mines here today for handing over 100 G4 mineral blocks reports of Geological Survey of India (GSI) to different state governments, Joshi said the Ministry of Mines is in the process of finalizing the accreditation process “for private exploration entities”.
The Minister called upon the states that received the mining block reports to act on them without any delay to make the auction process faster. He asked the Ministry of Mines to make more financial assistance available to the states.
Noting that a proactive approach by state governments can bring about tangible reforms in mining, he said that despite having the fourth largest coal reserves, India is still importing thermal coal.
“Our mineral potential is no way less than other mineral-rich countries like Australia” he said.