'Present govt helped the economy on a larger scale'

Narendra Singh Tomar spoke about how focus on rail network, village electrification, rural areas, road construction and infrastructure will enhance the economy and bring welfare to the steel and the mining industry. The Dollar Business Bureau

The present government has helped the economy on a larger scale: Narendra Sign Tomar

After the formation of the new government, 16 million tons of steel have been produced and these have been done through SPV’s

Union Minister for Steel and Mines, Narendra Singh Tomar was said to have invited Pahong city based major business players to invest in the Indian government's initiatives. Tomar while addressing a press conference in Delhi said that, “Modi Government has adopted a result oriented approach in every sphere of the economy. The results have already started to show.” The minister spoke about how the focus on rail network, electrifying of villages, changes in rural areas, railway lines, road construction and infrastructure will enhance the economy and bring welfare to the steel and the mine industry. He also pointed out the details of the steps taken by the government, including hand holding so that they could create a good friction and an affirmative environment for mines being auctioned by the states, succeeding the MMDR Amendments Act 2015, which was secured by the present government. He shared the details from 6 auctions that happened till date, a revenue totaling around Rs.18,000 crores would be spawned for the state during the lease. Around Rs.14,000 crores of additional revenue would be generated during the lease period, depending totally on the new leads brought in by the new government. The Index of mineral production for MCDR minerals saw an increase of 11.7% in the April – January 2016 period, when compared to the corresponding last year as a result of reforms in the mining sector. The Minister also highlighted the growth registered in the production of iron ore, which is around 45% in the last quarter of 2015, over the same period in 2014. During April-Dec. 2015, other minerals like chromite (13.4 %), lead conc. (40.8 %), Bauxite (32.7 %), copper conc. (30.4 %), and zine conc. (11.4 %) also registered a significant growth over 2014. He also pointed out the advantages of the Pradhan Mantri Khanij Kshetr Kalyan Yojna aimed at developing and bringing about prosperity to the people living in the mining areas. After the formation of the new government, 16 million tons of steel production have been added to the capacity of the country and these have been done through special purpose vehicles. The Minister also said that the increase in the import duty on aluminum and zinc will help the domestic industries and the reduction in export duty on bauxite, iron ore, chromium will further promote surplus minerals.

March 10, 2016 | 04:00pm IST

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The Dollar Business Bureau - Mar 10, 2016 10:28 IST

'Present govt helped the economy on a larger scale'

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