Idea thrown open by NITI Aayog, who proposed a unified tax regime for the industry, where all royalties, levies, duties and taxes will be subsumed into GST PANJIM: In a bid to give relief to the iron
Revised guidelines by Ministry of Mines for states on submission of mineral concession proposals. States can now recommend cases for areas not prospected if they are satisfied about the establishment of existence of mineralization.
THE jinxed National Mineral Policy (NMP) faces yet another delay as the ministry of mines has decided to obtain the views of states on the draft amendments to the Mines and Mineral (Development and Regulation) (MMDR) Act. With states and the Centre differing on various proposals on amending the Act, sources said that implementation of the policy may get stalled for some more time.
BY VENKAT PARSA NEW DELHI A transparent mines regulatory regime is on the cards. The Union mines ministry plans to develop a Mining Tenement System, which will help in creating a transparent regulatory regime for prospecting and mining licences in collaboration with the state governments. Several states are already experimenting with similar systems and a sharing of experience as well as data will be in the overall interest of the mineral sector.
Minerals are a valuable natural resource being the vital raw material for infrastructure, capital goods and basic industries. As a major resource for development the extraction and management of minerals has to be integrated into the overall strategy of the country's economic development. The exploitation of minerals has to be guided by long-term national goals and perspectives.
Mining in India is about livelihood, deforestation, pollution, and a lot more. The New Mineral Policy deals with all this by simply hoping corporates will turn into good citizens. After two-and-a-half years of wrangling between mineral-rich states and the centre, between steel-makers and iron ore miners, India now has a new National Mineral Policy
The Union Cabinet on Thursday gave approval in principle to the long-awaited National Mineral Policy. The new policy is likely to attract foreign direct investment to the tune of $250 million per annum. It is expected open up country's huge untapped mineral deposits besides helping mineral-rich states earn more revenue as it talks about progressing towards an ad-valorem duty structure. An amendment Bill would be introduced during the Budget Session to bring about suitable amendments in the Mines and Minerals (Development and Regulation) Act, 1957.
