Nirmala Sitharaman unveils reforms in mineral mining sector
New Delhi, May 16: Finance Minister Nirmala Sitharaman on Saturday announced major reforms in the mining of minerals through a seamless composite exploration-cum-production regime.
Speaking about the minerals sector, Sitharaman said that the government would be enhancing private investments and introducing a seamless composite exploration-cum-mining-cum-production regime.
She said that there would be joint auction of minerals to enhance competitiveness. 500 mining blocks will be offered through an open and transparent auction process and a joint auction of bauxite and coal mineral blocks will be introduced to enhance the aluminium industry's competitiveness.
She said the distinction between captive and non-captive mines will be removed to allow the transfer of mining leases and sale of surplus unused minerals, leading to better efficiency and production.
As announced the Prime Minister Narendra Modi earlier, the stimulus to revive the Indian economy hit by coronavirus is being released in several tranches. Equivalent to 10% of India's GDP, the economic package includes both fiscal and liquidity measures to make India self-reliant under the 'Aatmanirbhar Abhiyan'.