7th IME 2017,International Mining, Equipment, Minerals and Metals Exhibition
- India has a liberalized FDI upto 100% in mining under automatic route.
- Mining sector is one of the core sectors of economy. It provides basic raw materials to many important industries.
- Mining sector (including fuel, atomic, major and minor minerals) contributed about 2.4% of GDP in the year 2014-15 as per the data released by Central Statistical Organization under Ministry of Statistics & Programme implementation, Government of India.
- India is a mineral rich country and has favorable geological milieu which is yet to be fully explored, assessed and exploited. Its geological setup is similar in many ways to that of resource rich countries like Canada, Australia, Brazil, South Africa, Chile and Mexico etc. Exploration activities in India are mostly carried out by Geological Survey of India (GSI), Mining Exploration Corporation Limited (MECL), various State Directorates of Geological Mining (DGMs), Public sector undertakings (PSU) and Private sector entities both domestic and subsidiaries of many global companies.
- India’s total land area 3.2875 million square kilometer out of which, GSI has identified 0.571 million sq km as Obvious Geological Potential (OGP) area for minerals.
- The Mines and Minerals (Development & Regulation Act), which governs the mineral sector, has been amended recently, by the Government of India. The amendment removed discretion, by instituting auction to be sole method of grant of major mineral concessions and, thereby bringing in greater transparency. It also provided the much-needed impetus to the mining sector by deemed extension of mining leases.
- Transferability of captive leases, allowed by recent amendment in MMDR Act in 2016.