New Delhi: According to the information given by the Mines Ministry official, Government is likely to announce the draft National Mineral Policy after giving the final touch. The mines Joint Secretary Bipul Pathak said that the exploration of minerals should gather momentum and get double every year.
Bipul Pathak went on to say: “The new policy aims to give a big boost to exploration activities. In three to five years, the exploration of minerals should gather momentum and double every year.”
Pathak was speaking at a National Summit on Mineral Exploration and Sustainability, organised by industry body Ficci and International Institute of Corporate Sustainability and Responsibility (IICSR).
Responding to industry’s concern over high taxes, the new policy will take cognisance of the recommendations on royalties and other levies to put a liberal regime in place, he said.
Pathak urged the private sector to step up investment in mineral exploration and assured industry that the government will extend financial and other support to junior exploration companies developed by the private sector.
Explaining the reasons for the lack of private investment in the sector, Vedanta Director Kishore Kumar called for making exploration blocks sustainable through offer of larger blocks and mining rights to companies doing reconnaissance work.