The new National Mineral
Policy (NMP), which seeks to ensure assured right in
mineral concessions, envisages foreign direct investment
(FDI) of $2.5 billion annually, the Rajya Sabha was
told today.
“FDI of about $2.5 billion per
annum is expected in the mining sector from the fifth
year of implementation of the new NMP,” Mines Minister
Sis Ram Ola told the House in a written reply to a query.
He pointed out that the government
did not accept the Hoda Committee’s report in toto
on the NMP, which sought to ensure transferability of
mineral concessions and transparency in allotment of
concessions in order to reduce delays which are seen
as impediments to investment and technology flow in
the domestic mining sector.
The minister said the policy sought
to develop a sustainable framework for optimum utilisation
of the country’s natural mineral resources for
the industrial growth in the country and at the same
time improving the life of people living in the mining
areas, which are generally located in the backward and
tribal regions of the country.
Source:
India Brand Equity Foundation Date: April 22, 2008
