Ensure greater transparency in mineral concession auction: Parliament panel

A parliamentary panel has suggested that greater transparency should be ensured in the auction of mineral concessions with pre-embedded clearances to give a fillip to the auction process

Topics


mineral auction | Coal mines auction | Mine exploration

A parliamentary panel has suggested that greater transparency should be ensured in the auction of mineral concessions with pre-embedded clearances to give a fillip to the auction process and to achieve optimal utilisation of India’s mineral resources for rapid industrial growth and socio-economic development of the country.

The Standing Committee on Coal, Mines and Steel in its report tabled in Parliament appreciated the efforts of the government to ensure the contribution of the mineral sector in achieving the national policy goals.

“…the committee recommend that greater transparency should be ensured in the auction of mineral concessions with pre-embedded clearances to give a fillip to auction process,” the report said.

The committee also noted that India is well endowed with natural resources, particularly minerals which serve as raw material for many industries, paving a path for rapid industrial, infrastructural and economic development.

Minerals being valuable natural resources, constitute the vital raw materials for many basic industries.

The wide availability of minerals provides a base for the growth and development of the mining sector in India, which is an important segment of the Indian economy, it said.

India, it said, produces as many as 95 minerals, which includes four fuels, 10 metallic, 23 non-metallic, 3 atomic and 55 minor minerals (including building and other minerals).

“The government has introduced important reforms to open up the mineral sector to ensure its contribution in achieving the national policy goals like introduction of Right of First Refusal for RP/PL holders, encouraging the private sector to take up exploration; transfer of mining leases and creation of dedicated mineralcorridors to boost private sector mining areas proposes to make efforts to harmonise taxes, levies and royalty with world benchmarks to help private sector, etc,” the report said.

Major reforms included the enactment of the Mines and Mineral (Development & Regulations) (Amendment) Act, 2021 which made the process of allocation of mineral concessions completely transparent by introducing public auctions with active participation of the state governments.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.


We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor