Mining to contribute 1% to India's GDP growth rate, says minister

India's newly elected Minister of State (Independent Charge) for Power, Coal and New & Renewable Energy Piyush Goyal, immediately after taking charge of his portfolio, said he expects the mining sector to contribute one per cent to the country’s GDP growth in the next one to two years.

Goyal has also set aggressive targets in Power, Coal and New & Renewable Energy sector.

“If we can target 30-40 per cent growth in the mining sector, we can contribute one per cent to the GDP growth rate,” he said.

Goyal said he will also have a dialogue with all stakeholders for creating a future roadmap of growth and development in the mining sector.

“My primary focus will be for using the resources in the most effective manner,” he added.

On the ongoing mining lease auctions, Goyal said, “The mining lease auctions will be done from time to time in a dynamic mechanism so that whatever is in national interest is done. The interest of consumers of various products will find priority.”

The Minister also said that the government will balance the interests of environment and development with regard to mining.

“We need security in terms of our requirement of minerals. We need to create jobs in the country and promote new people to come and invest,” Goyal added.