Govt to boost gold, diamond mining
The new mining policy is expected to help foreign and domestic firms invest in the exploration and mining of gold and diamonds while cutting down the country's over-dependence on imports.
By PTI |
MUMBAI: The new mining policy is expected to help foreign and domestic firms invest in the exploration and mining of gold and diamonds while cutting down the country's over-dependence on imports.
"We are importing Rs 1,25,000 crore worth of gold and diamonds every year, including gold of Rs 65,000 crore and rough diamonds to the tune of Rs 60,000 crore, for the purpose of exports. We are now committed to cut down imports and achieve self-sufficiency in the next 5-6 years period," Minister of State for Mines T Subbarami Reddy told reporters here.
"Eight foreign companies from South Africa, Australia and Europe have approached the government for mining lease, and government is committed to give them full support for exploration," Reddy said.
A lack of geological data and modern technology is blocking significant discoveries of key commodities.
"The new mining policy expected to be implemented after the winter session of Parliament will immensely boost India's potential for mining new gold and diamond deposits," he said.
The new policy is expected to make approval process easier by shortening the time period to grant mining leases by the state and the central government.
"We are importing Rs 1,25,000 crore worth of gold and diamonds every year, including gold of Rs 65,000 crore and rough diamonds to the tune of Rs 60,000 crore, for the purpose of exports. We are now committed to cut down imports and achieve self-sufficiency in the next 5-6 years period," Minister of State for Mines T Subbarami Reddy told reporters here.
"Eight foreign companies from South Africa, Australia and Europe have approached the government for mining lease, and government is committed to give them full support for exploration," Reddy said.
A lack of geological data and modern technology is blocking significant discoveries of key commodities.
"The new mining policy expected to be implemented after the winter session of Parliament will immensely boost India's potential for mining new gold and diamond deposits," he said.
The new policy is expected to make approval process easier by shortening the time period to grant mining leases by the state and the central government.
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