India is richly endowed with Mineral Resources and its Mining history dates back to pre-historic days. India produces as many as 95 minerals, which includes 4 fuel, 10 metallic, 23 non-metallic, 3 atomic and 55 minor minerals (including building and other materials). The total value of mineral production (excluding atomic minerals) during 2016-17 has been estimated at ` 2,57,882 crore, India is also the third largest coal producer, third largest steel producer, fourth largest Iron-ore producer globally and has the fifth largest Bauxite reserves in the world. With barely 20% of reserves mined, India presents a major opportunity for investors.
The industry has the potential to contribute 6-7% to National GDP but on account of regulatory constraints this contribution has remained limited to close to 2%. The recent amendment to the MMDR Act has brought in reforms and transparency to the mining industry in India. However, for a sustained high growth trajectory, measures to fasten the approval processes, create a conducive fiscal regime, enabling policy framework for promoting exploration etc. are needed.
CII National Committee on Mining had stressed for an integrated roadmap for mining, production and usage of its natural resources. It suggested the need for implementing MMDR effectively, improving the exploration pipeline leading to better discoveries by covering the entire value chain, development of technical expertise and training of manpower for more advanced exploration techniques and optimizing mining operations in order to increase its contribution to GDP.
India is richly endowed with Mineral Resources and its Mining history dates back to pre-historic days. India produces as many as 95 minerals, which includes 4 fuel, 10 metallic, 23 non-metallic, 3 atomic and 55 minor minerals (including building and other materials). The total value of mineral production (excluding atomic minerals) during 2016-17 has been estimated at ` 2,57,882 crore, India is also the third largest coal producer, third largest steel producer, fourth largest Iron-ore producer globally and has the fifth largest Bauxite reserves in the world. With barely 20% of ...