Goyal suggests PPP model to step up India’s mineral exploration

The Dollar Business Bureau

Mineral exploration in the country is presently constrained due to lack of participation from the private sector, said Power, Coal, New & Renewable Energy and Mines Piyush Goyal, and suggested a public private partnership (PPP) model to provide a fillip to the mineral exploration activity.

“The time is ripe to reflect on where we had gone wrong”, the Minister said while addressing a conference on ‘Indian Mining Industry 2030 - Way Forward’, organised jointly by FICCI and Ministry of Mines on Tuesday.

He suggested setting up of a committee that consists of young mining aspirants for developing a position paper to expedite exploration activities.

“This committee should look at innovative ways to bring down the time of actual operation of mine after it is put up for auction, thus enabling the sector to make a quantum jump,” Goyal added.

Addressing the concerns of the industry, the Minister said that for making the country self-sufficient in minerals, the priority was for the exploration of strategic, high value and import substitution minerals.

On the issue of disparity on stamp duty in several states, he said that this issue would be addressed by the Central government in discussion with the respective state governments.

Goyal further said that the young persons who are specialised in mining activities could be invited to the country and a mechanism could be worked out for the benefit of all the stakeholders.

In addition, mapping to be undertaken and minerals data would be updated to make an exact assessment of the country’s mineral reserves, he said.

In his address, Arun Kumar, Secretary, Ministry of Mines, spoke on the issue related to Part B un-notified minerals in the new Mines and Minerals (Development And Regulation) Act and said that to look into the issue a meeting was being held.

He clarified that the government will not be supporting G2 exploration for these minerals.

Syedain Abbasi, Joint Secretary, Ministry of Steel, while addressing the industry, said that to maintain competitiveness, it was necessary for the steel sector to keep the raw materials prices competitive.

There was a crisis in steel industry a few years back but in the past three years, it has witnessed a positive growth with rise in exports and decline in imports, he added. 

FICCI Secretary General A Didar Singh said, “Mineral security was as important as the food and energy security for the growth of economy and private sector can play a crucial role in accelerating the pace of mining sector’s growth.”