Pradhan wants a greater infusion of technology
The change from nomination to bidding process has started for natural resources including Coal, Iron ore, bauxite, Manganese, rare earth among others following the Supreme Court call for new exploitation procedures and putting the resources in the hands of the people of India.
Petroleum and Natural Gas Minister Dharmendra Pradhan informed about the new approach at the National Mining Summit organized by PHDCCI on 18 Nov 2020.
The States, where these resources lay, have become the major beneficiaries in the revenue thus generated.
He said the resources should be properly assessed and exploited, and their monetization should be done through transparent bidding process while retaining the cost competitiveness.
He said that the policymaking is being done, keeping in mind that the international investors will invest only if they see certainty and profitability in the venture.
Pradhan said that holistic view of the sector needs to be taken as the country has fulfil its own domestic requirements while working towards becoming a global manufacturing hub.
“Policy certainty has to be backed up with cost competitiveness to ensure the value out of our raw materials are realised optimally with sustainability and drive self-reliance,” said Pradhan.
He also called for a greater infusion of technology, digitalisation, new business models, greater efficiency in all activities from inventory management to raw material procurement and value addition.
The country is bestowed with natural resources, along with a large market. India is poised to make a seamless mining ecosystem and become self-reliant in the sector, he said. #resources #mining #projects #investments #technologies /fiinews.com
