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National Mineral Policy 2019 Approved By Union Cabinet
Representative image. (Unsplash/Dominik Vanyi)
The Union Cabinet chaired by Prime Minister Narendra Modi has approved the National Mineral Policy, 2019 that aims to promote transparency and effective regulation of the sector.
“The aim of National Mineral Policy 2019 is to have a more effective, meaningful and implementable policy that brings in further transparency, better regulation and enforcement, balanced social and economic growth as well as sustainable mining practices,” said a government release.
One of the highlights of the new Policy is that it proposes to grant industry status to mining activity. This change will enable private firms to avail low-cost finance for not only exploration and mining within the country but also for acquiring mineral assets in other countries.
Apart from encouraging private firms to undertake exploration, the new policy also provides for the auction of unused reserved areas given to public sector units (PSUs) which can then be developed by the private sector.
The government intends to bring taxes, levies & royalty at par with world benchmarks to help private firms. There is a focus on Make In India and gender sensitivity in the vision spelt out in the Policy.
Equity Among Generations
“The 2019 Policy also introduces the concept of Inter-Generational Equity that deals with the well-being not only of the present generation but also of the generations to come and also proposes to constitute an inter-ministerial body to institutionalise the mechanism for ensuring sustainable development in mining.” added the government release.
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