The government is considering liberalising the exploration and licensing regime for mineral exploration in India to attract big-ticket private investment in the sector.
The plan includes an “Explore in India” mission, much on the lines of Skill India, Start-up India and Make in India, for the mining sector to reduce imports and tap India’s huge mineral wealth.
Niti Aayog, government’s premier think-tank, has floated the idea for the mining sector with an aim to double the area explored in the country to 20% from 10%, which in turn is expected to create employment for 15 million people by 2022-23 against 10 million currently employed, both directly and indirectly.
It has suggested changes in the exploration and licensing policy to create a level playing field between private sector companies and PSUs with respect to mining concessions besides rationalising tax structure to facilitating investments in the sector to boost its growth from the current 3% in 2017-18 to an average growth of 8.5% during 2018-23. Read more