Is India's new mining law a blueprint for growth?

• Autores: Shruti Salwan
• Localización: Industrial Minerals, ISSN 0019-8544, Nº. 586, 2016 (Ejemplar dedicado a: Septiembre)
• Idioma: inglés
• Texto completo no disponible (Saber más ...)
• Resumen

  • Widely applauded at the political level, the legislation's backers are confident the regulatory changes will yield concrete results in India's GDP numbers. [Balvinder Kumar], secretary for the country's Ministry of Mines, told IM that the mining industry's target is to contribute 3.4% to India's economy in the next two-to-three years.

    He suggests that the greater transparency introduced by the MMDR Amendment Act regarding the allocation of mineral concessions, a process which was previously regarded with suspicion, has been one of the most important reforms to India's mining industry. "The present regime of granting of mineral concessions awards exclusive reconnaissance permits, which do not include automatic transitions to prospecting and mining licences," says Kumar. This means rights can be taken away from lessors if they fail to use them.

    "The last two months have seen dramatic growth in India's production of coal and iron ore as well as other metallic and non-metallic minerals," notes Kumar. "