Lok sabha today passed a bill to amend the mines and mineral act with union minister pralhad Joshi stating that these changes will help to create employment opportunities and also allow private sector with improved technology in mining activities.
It has been said that this reform in the mining sector would generate 55 lakh direct and indirect employment opportunities.Mr. Joshi said we will allow private sector with new technology in mineral exploration.
According to Mr. Joshi india produces 95 minerals and has same potential like South Africa and Australia but we still import some of the minerals like gold and coal.
At present mining contributes 1.75% of the country’s GDP and through the new bill proposed the percent will rise to 2.5 percent.
The reforms also,
Include removing the distinction between captive and non captive mines and introduction of index based mechanism by developing national mineral Index for various statutory payments.
Main objective behind this bill is to generate employment opportunities,reduce imports of minerals and increase the production.