Mining Reforms Set To Be Rolled Out In Six To Eight Weeks; Union Cabinet To Take Up Proposals Soon

The Government is likely to roll-out the much talked about mining sector reforms over the next six to eight weeks in a bid to give a big fillip to the non-coal mining in the nation, reports Financial Express.

The Ministry of Mines has already prepared a draft Cabinet note for the same, and the Union Cabinet headed by Prime Minister (PM) Narendra Modi is expected to take up the reform proposals soon.

Once implemented in full force, the reforms will also pave the way for re-auction of some 500 odd mining leases which have been embroiled in legal disputes and legacy issues causing much pain in the sector.

The reforms would include the introduction of mining licences which offer certainty of tenure, ranging from the exploration to production stages, and also the removal of the distinction between captive and non-captive mines. The reforms would also include the development of a comprehensive and broad-based mineral index for determination of levies and taxes on the lines of recently launched National Coal Index.

The Government aims to make the non-coal mining sector more attractive for investors and draw in foreign investments into it. It expects that over the next five to six years, the sector will increase direct employment by seven lakh new jobs and indirect employment with 20 lakh new opportunities.