The Lok Sabha passes a bill to amend the Mines and Minerals (Development and Regulation) Act

The Lok Sabha on Friday passed a bill to amend the Mines and Minerals (Development and Regulation) Act, with Union Minister Pralhad Joshi saying that the change would create employment opportunities and allow the private sector with increased technology in mining activities Will help

Joshi said, “The improvement in the mining sector will generate 55 lakh direct and indirect jobs. To increase mining activity, we will allow the private sector to have advanced technology in mineral mining.”

The lower house passed the Mines and Minerals Development (Amendment) Bill, 2021.

According to the minister, India produces 95 minerals and has capabilities like South Africa and Australia but still imports minerals such as gold and coal.

The minister said, “An improvement in the mining sector will generate 55 lakh direct and indirect jobs. To increase mining activity, we will allow the private sector to have advanced technology in mineral exploration.”

According to the minister, the mining sector currently contributes 1.75 percent to the country’s GDP and through the proposed reforms in the bill, the contribution will increase to 2.5 percent and strengthen the economy.

The bill seeks to amend the Mines and Minerals (Development and Regulation) Act, 1957, and bring mega reforms in the region with solutions to heritage issues, making a large number of mines available for auction.

This will help strengthen auction-only governance and promote transparency in the system.

The reforms as part of the bill include bridging the gap between captive and non-captive mines and incorporating an index-based mechanism by developing a National Mineral Index (NMI) for various statutory payments.

To promote exploration, the functioning of the National Mineral Exploration Trust (NMET) will be reviewed. NMET will be made an autonomous body.

Private institutions will also be engaged in the investigation. Investigative governance will also be simplified so that there can be a seamless transition from exploration to production.

The major objectives of the reforms are to create large employment opportunities, reduce imports and increase production by bringing large mineral blocks at auction.