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The Parliament passed the Mines and Minerals(Development and Regulation) Amendment Bill 2021 with Rajya Sabha giving its nod today.
The Bill which has already been cleared in the Lower House seeks to amend the Minerals (Development and Regulation) Act, 1957 and provides for removal of distinction between captive and merchant mines.
It empowers the Central Government to issue directions regarding composition and utilization of funds maintained by the District Mineral Foundation.
The legislation provides that captive mines other than atomic minerals may sell up to 50 per cent of their annual mineral production in the open market after meeting their own needs.
Speaking on the Bill, Mines Minister Pralhad Joshi said that it has been brought to reform the mining sector in the country.
Hesaid, the country has large reserves of several minerals but only 45 per cent were tapped so far which have resulted in dependence on imports.
Terming theBill historic, Mr. Joshi said it will increase the production level of minerals, generate employment, increase revenues and ensure private participation in the exploration and mining activities.
He added that more than 55 lakh employment will be generated in the country with the implementation of these reforms. The Minister clarified that all revenue generated from the mining activities will be utilized by the State only.
However, he said, the Bill empowers the central government to specify a time period for completion of the auction process in consultation with the state government.
The Minister said, the bill will also aid Foreign Direct Investment and technologies in the mining sector.
He said, Government is proposing to make National Mineral ExplorationTrust NMET an autonomous and professional body, which would provide funds for exploration.
He said, Government is committed to bring a transparent system. Mr Joshi said, it is a progressive bill and will bring a lot of change.
