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17 MAY 2020 AL CIRCLE

COVID-19 impact: Govt. of India announces major reforms in the mineral mining sector, advantage inclines to Aluminium industry

EDITED BY : RUPANKAR MAJUMDER 1MINS READ

On 16th May’20, Mrs Nirmala Sitharaman, Finance Minister of India announced major reforms in the mining of minerals through a seamless composite exploration-cum-production regime.

FM of India declares reform to Mining industry

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Mrs Sitharaman announced that 500 blocks of minerals will be auctioned through an open and transparent process.

She further said: “A joint auction of bauxite and coal blocks would also be done to enhance the aluminium industry's competitiveness. This will help the aluminium industry reduce electricity costs.”

The Minister added: “The distinction between captive and non-captive mines will be removed to allow the transfer of mining leases and sale of surplus unused minerals, leading to better efficiency and production.”

The Finance Minister of India also stated that the Ministry of Mines is in the process to develop ‘Mineral Index’ for different minerals. The stamp duty payable at the time of award of the mining leases will also be rationalised.

Report on energy Consumption in Aluminium smelting and Changing Technologies Towards Gas emission

As announced the Prime Minister Narendra Modi earlier, the stimulus to revive the Indian economy hit by COVID-19 is being released in several tranches. Equivalent to 10% of India's GDP, the economic package includes both fiscal and liquidity measures to make India self-reliant.

Tagged with:

Aluminium India

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EDITED BY : RUPANKAR MAJUMDER 1MINS READ

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