New Minineral policy for JV's for hi-tech extraction: Minister

Panaji, July 15: Union Minister of State for Mines Dr T Subbarami Reddy has said the Centre has embarked on an exercise to evolve a new comprehensive national mineral policy for optimum exploitation of the abundant mineral wealth through joint ventures with foreign companies and foreign direct investment.

''We are likely to announce the new mining policy in the winter session of parliament, now that the process has been initiated to finalise the policy that envisages provision of a single window clearance system besides promoting joint ventures with high-tech foreign companies and attracting foreign capital,'' Dr Reddy said.

Interacting with mediapersons on the sidelines of a National seminar on 'Scientific and Sustainable Mining' organised under the aegis of the Indian Bureau of Mines (IBM) and the Federation of Indian Mineral Industries and Goa Mineral Ore Exporters Association, the Minister said the new policy aimed at fuelling the Indian economy to help eradicate poverty and remove unemployment.

The policy, based on the recommendations of the high-level committee headed by the planning commission secretary Anwarul Huda also envisaged removal of ''bureaucratic hurdles and red-tape'' for various clearances through a sort of single window system by a high-power committee comprising heads of various departments such as environment, forests and mines.

''We are in the process of evolving the policy on the model of International Council of Minerals and Metals for developing a sustainable development framework involving the stake holders in the process while the IBM would be a facilitator,'' Dr Reddy said.

Replying to a question, the Union Minister said the Left parties that were against FDI and Joint Ventures, had not yet been consulted in the task. ''We know they support us from outside and of course our friends are interested in fuelling the Indian economy,'' the Minister quipped.

Besides plugging loopholes in the existing system of clearances, the new policy encourages joint ventures with foreign companies and promotes technology transfers to benefit both the partners through development of value addition to the mineral sector, Dr Reddy said. ''If Indian economy is to grow in this globalised era, the country should enhance its capacity to exploit its vast mineral wealth beyond the curent five per cent out of 18.5 lakh square km mineral concentration on a war-footing,'' Dr Reddy said.

At the sametime, the industry should adopt scientific methods of mining for sustainable exploitation without endangering ecology like in Canada, Australia and South Africa where exploitation was very high due to availability of high technology, he said.

Doling out statistics, the Minister said India have 62,925 million tonnes of bauxite reserves valued at Rs 66,000 crore, 178 million tonnes of crominum worth Rs 33,000 crore, 22,108 million tonnes of iron ore worth Rs 9,27,000 crore apart from 1.7 lakh million tonnes of limestone, as mapped by the Geological Survey of India.

''We in India have to replicate the successes in Canada, Australia and South Africa which required a studious efforts besides huge capital and latest technologies which is possible through joint ventures, technology transfers and FDI while fine-tuning the administrative machinery to the needs,'' the Minister said.

Presiding over the seminar in which 200 top representatives of the mineral industry and bureaucrats participated, Dr Reddy said the objective of the policy was to create employment potential to five lakh people in the next five years and 1.5 million in 10 years.

The Ministry, he said, would come out with clear cut objectives through its new minining policy to promote investment, exploration, extraction and value addition of the rich mineral resources of the country through encouragement of all stake holders.

At the sametime, he urged the industry to discharge its ''social responsibility'' towards affected people, particularly tribals in the mining areas through a proactive approach.

''We desire the miners to undertake rehabilitation of the tribals and other affected people before actually undertaking the mining activities to strike a balance,'' Dr Reddy added.

UNI