The Lok Sabha today cleared a significant Bill to allow private players in mineral exploration. Only 10 per cent of India’s geological mining potential is currently explored with corresponding rates for South Africa and Australia (comparable mineral potential as India’s) considerably high.
Today is a remarkable day for mining. The government is unshackling the mineral potential of India to make it self-reliant. The sector contributes 1.75 per cent to India’s GDP as against 7.5 per cent in South Africa and 7 per cent in Australia. We will raise this to 2.5 per cent of the GDP,” said Coal and Mines Minister Pralhad Joshi moving The Mines and Minerals Development and Regulation Amendment Bill 2021 to amend the 1957 law.