This blogpost is based on the current event so it will be help full for those students also who are preparing for civil service examination including UPSC-CSE 2020 and want to be IAS.
Post-Covid world will bring huge opportunities for India to secure a better place in the new world economic order.
Mining and the Mineral sector is the primary sector of the economy and is the backbone of the countries economy so this blog discuss what economic reforms GOI has planned in the mining sector.
Current Affair
PM Narendra Modi held a detailed meeting to deliberate the potential economic reforms in Economic Sectors including Mining and coal, Power and Energy, Aviation, and Education to give a boost to the economy in the backdrop of COVID-19.
Prime Minister Narendra Modi holds a comprehensive meeting to discuss strategies on boosting foreign investment in India as well as to promote local investments in order to give a boost to the economy against the backdrop of COVID19 Pandemic.
Increasing ease of doing business while also reducing carbon footprint with environmentally sustainable development also formed an important part of the discussions.
PM Narendra Modi directs that action should be taken for a more proactive approach to handhold the investors, to look into their problems, and help them in getting all the necessary Central and State clearances in a time-bound manner.
The Cabinet under the chairmanship of Prime Minister Narendra Modi had last year approved allowing 100 percent FDI in coal mining.
The decision will help bring efficiency in the sector and reduce fuel shortages in the power segment as competition will increase with foreign mining firms entering the domestic market.
PM Narendra Modi held a detailed meeting to deliberate the potential economic reforms in Mines and Coal Sectors to give a boost to the economy in the backdrop of COVID-19.
The Key Point of discussion involved :
- Ensuring easy & abundant availability of mineral resources from domestic sources
- Upscaling exploration
- Attracting investment and modern technology,
- And to generate large scale employment through transparent and efficient processes.
- Auctioning of additional blocks
- Encouraging wider participation in auctions,
- Increasing the production of mineral resources,
- Reducing the cost of mining and the cost of transporting,
- Increasing ease of doing business while also reducing carbon footprint with environmentally sustainable development also formed an important part of the discussions.
- Participation of the private sector in exploration and mining.
- Making the public sector more competitive as well as broad-basing the community development activities through the Mineral Development Fund.
- Expanding and improving evacuation infrastructure for minerals including use of sea-routes for domestic supplies
The aspects related to increasing the efficient and environmentally sound first-mile connectivity for coal transport from mines to railway sliding, automatic loading on rail wagons, coal gasification, and liquification, coal bed methane exploration were also discussed for potential reforms.
PM Narendra Modi reviewed the contribution of Mines sector in increasing employment opportunities and boosting growth.
PM laid a special focus on improving the country's self-reliance in the production of minerals and their in-country processing. He added that the mineral sector should benchmark its operations to international standards and advised them to prepare an action plan. He exhorted using modern technologies for efficient mining. He also directed to aim for reducing delays in obtaining clearances and partnering with states to facilitate an increase in private investment to boost the economy. He gave directions to target thermal coal import substitution particularly when a huge coal-stock inventory is available in the country this year.
Impact
"The recent policy change allowing 100 percent foreign direct investment (FDI) in coal mining is expected to provide a big thrust to foreign mining companies to enter India, bringing in their superior mining technology and increasing competition in the domestic market," the final report of the task force on National Infrastructure Pipeline (NIP) for 2020-2025 presented to the government said.
It will also bring efficiency in the coal mining sector and reduce the import bill of coal. This is a step in the right direction to attain self-reliance and will help increase the ‘ease of doing business’ in India.
Thank you for reading have a nice day.
I am technologist who is passionately dedicated to bring a single platform of knowledge to a mining and geology enthusiast to transform him to a tomorrow's Global leader. This blog provide you with online study material to clear your concepts in various mining technologies and all news/notification related to Earthscience industries.
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