New life to the mining sector
Contd from prev issue
This Amendment Act is set to redefine the standard of exploration required for auctioning partially explored mineral blocks for Prospecting License-cum-Mining Lease. This will boost the seamless transition from exploration to production and encourage participation of private players. The amended provisions in the Act also ensure better clarity on ‘Mining without Lawful Authority’ to save leaseholders from unjustified penalties under other litigations.
We have also fulfilled a long-standing demand by making local Members of Parliament a member of District Mineral Foundation (DMF) Governing Council to make DMF more outcome-oriented. Arrangements have also been made to keep a check on misuse of DMF funds so that inclusive development of those affected by mining can be ensured.
There are several other changes in the MMDR Act that will boost ease of doing business in the mineral mining sector and make it more competitive and productive. The MMDR Amendment Act, 2021 will pave the way for the creation of almost 55 lakh employment opportunities along with having a multiplier effect on several other sectors. Prime Minister Modi has ensured that the mineral mining sector gets to play its actual role of being the foundation of the nation’s economy. Over several meetings, he has laid out an envisioned plan wherein the sector is taking allied industries on a growth course to becoming a $5 trillion economy. I am happy that these amendments are in line with his vision and confident that the sector has a major role to play in defining us as a New India. PIB The author is Union Minister of Coal, Mines & Parliamentary Affairs