Industry & Economy
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Mining & Quarrying
National mining policy to be ready in 3 months
Our Bureau
Visakhapatnam
,
Feb. 10
THE national mining policy will be finalised in three months for exploration and exploitation of mineral wealth to boost the economy, the new Union Minister of State for Mines, Mr T. Subbarami Reddy, has said.
He told newspersons here, during his first visit to the city after assuming charge as the minister, that important aspects such as issuing of licences, adopting modern technologies, controlling exports of minerals to protect the interests of domestic sector and leasing out to multinationals would be dealt with in the policy.
``Once the new policy is implemented, I am confident it will trigger growth of industries with a total investment of Rs 10,000 crore in the next three years,'' he said.
Noting that India was in the hundredth position with regard to revenue from mines although it enjoyed the fifth position in the world in mineral wealth, Mr Reddy said it was high time judicious exploitation of the rich mineral wealth was taken up using modern technology.
"Countries like Australia, the UK, Russia, the US and Germany are doing extremely well using modern technologies in exploration of their mineral wealth but we are lagging behind. Our Prime Minister advised us to utilise the resources and contribute to economic growth. We will proceed accordingly,'' he said.
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