Amendments in the Mines and Minerals(Development and Regulation) Act,1957 ( 2015-2021)
The Mines and Minerals (Development and Regulation) Act, 1957 regulates the mining sector in India and mandates the requirement for granting leases for mining operations. Prior to 2015, grant of mineral resources was through ‘first come first serve’ method. This system of allocation of mineral concession was discretionary and decision making was not transparent. The process of renewal of mining leases was acting as an obstacle in attracting large scale investment in the mining sector. The allocation of mineral concession was not generating any revenue to the Government other than royalty. The government has carried out a series of major reforms in the mining sector starting from 2015. The Act was further amended in the years 2016 and 2020 to allow transfer of leases for non-auctioned captive mines and to deal with the emergent issue of expiry of leases on 31st March, 2020, respectively. Further, to propel India into a 5-trillion dollar economy and to double the employment potential in next five year, the Mines and Minerals (Development and Regulation) Amendment Act, 2021 has been enacted.