India's mining sector globally competitive
The amendments carried out in the Mines and Minerals Development and Regulation Act (MMDRA) between 2015 and 2023 have laid the foundation for a dynamic and globally-competitive mining sector.'More changes are in the offing as the MMRDA drives our foray into critical minerals that aim to provide for the trinity of our national, energy, and food security,' Reddy said.
As part of the economic reforms underway, he cited the example of India auctioning its first-ever potash block to enhance domestic fertiliser production and reduce dependence on costly imports.State capacity has been augmented with the risk taking capabilities and agility of the private sector as they have emerged as an equal partner in this journey.
Be it the uniform 50-year leases, removal of renewal bottlenecks, seamless transfer of clearances or the introduction of an exploration licence regime that has created space for the MSMEs and opportunities for start-ups to scale, the past distrust with India's entrepreneurs has been replaced with an enabling environment for them to flourish, the minister further stated.
The unprecedented financial thrust through the National Mineral Exploration Trust, democratic access to more than 12,000 geological reports on the National Geoscience Data Repository, drone surveys, Mining Tenement System, and faceless return filings, all have brought predictability and investor confidence to the sector, Reddy observed.
Now, with the launch of the National Critical Mineral Mission (NCMM) India is set to carve a space in the global critical minerals race.The minister said that a thriving circular economy around critical minerals like lithium, cobalt, nickel, Rare Earth elements, etc., will prove to be the shot in the arm for almost every sector essential for a 'Viksit Bharat'.
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