India should implement new mineral policy: MCA
India should implement investor friendly National Mineral Policy to attract investments from Australia in the sector, Mineral Council of Australia said.
By PTI |
CANBERRA: India should implement investor friendly National Mineral Policy to attract investments from Australia in the sector, Mineral Council of Australia said.
"India is not an easy destination to do business and the country should implement the Hoda report that has been approved by the Cabinet and a Bill has been drafted. Many of Australia's concerns may be addressed if the Hoda report is enacted," MCA Director Corporate Affairs Deputy to Chief Executive Officer Brendan Pearson said.
India in September 2005 had formed a high level committee chaired by Anwarul Hoda to review the country's 1993 National Mineral Policy and the Mines and Minerals Act 1957 to suggest changes needed for encouraging investment in exploration and exploitation of minerals and to prioritise the infrastructure needs of the mining sector.
India's potential is unlikely to be reached unless concerns such as foreign investors still having reservations about investing in the country's mining sector, inadequate infrastructure and market rigidity in the sector, are addressed, Pearson said.
India is an important market as well as an attractive destination for foreign investment, he said. MCA, he said, estimates that demand for metal and mineral commodities would continue to grow significantly in India.
The Council represents Australia's exploration, mining and minerals processing industry, nationally and internationally. The MCA member companies produce more than 85 per cent of Australia's annual mineral output.
"India is not an easy destination to do business and the country should implement the Hoda report that has been approved by the Cabinet and a Bill has been drafted. Many of Australia's concerns may be addressed if the Hoda report is enacted," MCA Director Corporate Affairs Deputy to Chief Executive Officer Brendan Pearson said.
India in September 2005 had formed a high level committee chaired by Anwarul Hoda to review the country's 1993 National Mineral Policy and the Mines and Minerals Act 1957 to suggest changes needed for encouraging investment in exploration and exploitation of minerals and to prioritise the infrastructure needs of the mining sector.
India's potential is unlikely to be reached unless concerns such as foreign investors still having reservations about investing in the country's mining sector, inadequate infrastructure and market rigidity in the sector, are addressed, Pearson said.
India is an important market as well as an attractive destination for foreign investment, he said. MCA, he said, estimates that demand for metal and mineral commodities would continue to grow significantly in India.
The Council represents Australia's exploration, mining and minerals processing industry, nationally and internationally. The MCA member companies produce more than 85 per cent of Australia's annual mineral output.
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