9 ways to use credit card properly!

New Delhi: The mining reforms will play a fundamental role in enhancing the sector’s contribution to the employment and GDP of the country, contributing immensely to the vision of Aatmanirbhar Bharat, industry body FICCI said.

The statement comes a day after the Lok Sabha passed a Bill to amend the Mines and Minerals (Development and Regulation) Act.

The industry body said it has always advocated for increasing the contribution of mining industry to the national GDP; focusing upon increasing mineral exploration, production & domestic supplies, reducing financial stress for the miners, attracting investments into the sector and enhancing Ease of Doing Business Quotient.

Tuhin Mukherjee, Chair, FICCI Mining Committee and Managing Director, Essel Mining & Industries termed the amendments a step forward for enabling the mining sector’s contribution to the nation’s economic growth.

“With these reforms in the Indian mining and mineral sector, the government has embarked on increasing the sectoral contribution to the Indian GDP and also to increase the competitiveness, ease of doing business and creating a favourable investment environment for the sector,” he added.

Mukherjee said these amendments would increase the mine development and mineral production in the country and enhance the self-reliance for mineral-based industries. He also thanked the government for considering many of FICCI’s representations and recommendations on the subject.

Rahul Sharma, Co-Chair, FICCI Mining Committee and CEO, aluminium and power, Vedanta said: “Amendments in the MMDR are reflective of the fact that the government considers mining sector as a key contributor to the vision of Aatmanirbhar Bharat.”

These amendments shall result in enhancement of mineral production across the spectrum, creating more jobs and will be a major boost to critical industries like cement, aluminium and steel, which are primarily dependent upon key raw materials provided by the mining sector, Sharma noted. He also applauded the government’s move for promoting ease of transfer for non-auctioned captive mines to increase mineral production from such mines in the country.

Pankaj Satija, Co-Chair, FICCI Mining Committee and Chief Regulatory Affairs, Tata Steel said, FICCI acknowledges the government’s approval on the much-awaited mining reforms to address various issues of the sector.

“The amendment for transfer of all statutory clearances till the exhaustion of mineable reserves would lead to faster operationalisation of mines by the successful bidders and would ensure raw material sufficiency for end use sectors,” he added.

The Bill to amend the Mines and Minerals (Development and Regulation) Act, 1957, would bring in mega reforms in the sector with resolution in legacy issues, thereby making a large number of mines available for auctions.

It will also help strengthen the auction-only regime and boost transparency in the system.

The Bill also seeks to remove the distinction between captive and non-captive mines as well as introduce an index-based mechanism by developing a National Mineral Index (NMI) for various statutory payments.

In order to boost exploration, there will be a review of functioning of the National Mineral Exploration Trust (NMET), which will also be made an autonomous body.

Simplification of exploration regime will be carried out to facilitate seamless transition from exploration to production.

The major objective of the reforms is to generate huge employment opportunities, reduce imports and increase production by bringing large mineral blocks into auction.