Mines Minister chaires the mineral advisory council meet

New Delhi, Nov 7 (UNI) Mines Minister Sis Ram Ola today called upon the State Government and industry to actively participate in the development of the mineral sector in view of the changed global scenario. The investment was flowing into those countries which had not only the mineral potential but also an investor friendly regulator regime, he added.

Inaugurating the 28th meeting of the National Mineral Development council here today Mr Ola said the high power Hoda committee have recommended amendments in the National Mineral Policy and Mining laws of the country, keeping the basic framework intact, in tune with the international mining codes to streamline and simplfy the procedures to reduce delays apart from other measures to increase the investment in the mining sector.

He recounted the Indian Mining sector not only had a total production of Rs 75,000 crore contributing to 2 per cent of Gross Domestic Produce (GDP), but also helped to reduce unemployment.

This, the Minister emphasised, would continue in the new mineral policy. In this scenario, he called upon the State Government and industry to give their valuable inputs on the recommendations of the High Level Committee, which have been considered as an important step towards development of the mining sector by the Prime Minister.

He called upon the council to take up the issues of restrictions on movement of mineral between State and the need for the industry to fulfil their corporate social responsibility for uplifting the tribal and backward regions of the country. He emphasised that it would be ensured that the citizens of the country would benefit from the new policy. In this new vision for the mining sector the Minister saw an extended role for the GSI in exploration of the hidden wealth of the country.

Dr Subbarami Reddy, Minister of State also addressed the Council.

He stressed the mining sector needs to be united in their support of the amendments in order to focus on attracting investment in the sector, which requires risk-funding to exploit the abundant reserves of mineral wealth of the country. He stated that the present regime needs to be streamlined to reduce delays, and in this effort there is a need to evolve a mechanism to adhere to the time limits prescribed in the law.

On the issue of value addition the Minister of State of Mines sought to clarify that the mineral rich states should focus more on grant of mineral concessions rather than wait for a value adder since mining would also generate substantial gain in the form of royalty. He felt that the adoption of reforms in the mining sector would enhance the contribution of the mining sector to the GDP. The Minister of State of Mines also drew the attention of the Council to the need for addressing the socio-economic issues and tribal issues along with the mining policy, since it had direct ramifications on the growth of the region.

UNI/BKS DKS KP1924