Pathak urged private sector to up investment
A draft National Mineral Policy is expected soon once the final touches are done, announced Bipul Pathak, Joint Secretary, Ministry of Mines.
Speaking at the National Summit on Mineral Exploration and Sustainability on 17 Aug 2018, Pathak said the new policy would be industry-friendly and give a big boost to exploration activities.
In the next three to five years, exploration of minerals should gather momentum and double every year, he said at the summit organized by the Federation of Indian Chambers of Commerce and Industry (FICCI) with the support of the International Institute of Corporate Sustainability and Responsibility (IICSR).
He responded industry’s concern over the onerous burden of taxation and assured that the new policy would take cognisance of the recommendations of the Committee on Royalties and other levies with a view to putting a liberal structure in place.
He urged the private sector to step up investment in mineral exploration and assured industry that the government would extend financial and other support to junior exploration companies developed by the private sector.
Kishore Kumar, Director (Strategy & Business Development), Vedanta Ltd, explained the reasons for lack of investment by the private sector.
He called for making exploration blocks sustainable in terms of offer of larger blocks, mining rights to companies doing reconnaissance work, making available technology and equipment developed indigenously to explorers and benchmarking of taxation with international norms.
Tuhin, Mukherjee, MD, Essel Mining & Industries Ltd and Chair, FICCI Mining Committee, underlined the need for developing a sustainability framework right from the planning stage and called for introspection on the need to open mines wherever minerals were available.
The need of the hour, he said, was to build sustainability in prospecting and exploration of minerals.
Harsha Mukherjee, Founder & Managing Director, IICSR, said sustainable mining was critical for the long-term growth of the country.
The day is not too far, when a country’s progress would be measured in terms of sustainable domestic production rather than its GDP, she said.
Mukherjee revealed that IICSR had developed a sustainable development framework to enlist large doses of FDI through sustainable business practices. fiinews.com
