FICCI: Hails Govt. of India's direction to auction mineral blocks with pre-embedded clearances

AL Circle

On 5th June'20, Federation of Indian Chamber of Commer and Industry (FICCI) appreciated the Governments direction to auction mineral blocks with pre-embedded clearances and stated the move will attract huge investments.

FICCI hails Government of India's Decision for mines leasing method

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FICCI said: “Increased investments in the mining and metals sector can make the country self-reliant, reduce import bills by USD 100 billion and create multiple jobs.”

"FICCI welcomes the Ministry of Mines guidelines for auctioning of mineral blocks with pre-embedded clearances for mining projects," the industry body said in a statement.

Thanking the ministry for accepting FICCI’s recommendation for expediting the operationalization of mines post auctioning, Tuhin Mukherjee, Chairman, FICCI Mining Committee and Managing Director, Essel Mining and Industries, said, "The guidelines would help in increasing the mineral production and supply in the country providing the much needed raw material minerals to the end-use industries like aluminium, power, cement etc."

Ministry of Mines-Govt of India makes new way for mines leasing

FICCI Mining Committee Co-Chairman Rahul Sharma said: “The auction of mineral blocks with pre-embedded clearances is another significant reform taken by the government.”

The concept of pre-embedded clearance for mining projects is really a positive step towards reaching self-reliance in the mineral space, FICCI Mining Committee Co-Chairman Pankaj Satija said.

He also said: "Coming at a time when the country needs to hike up mineral production to support the resurgence of mineral-based manufacturing sectors post COVID-19, this will certainly boost investment in the sector and ensure faster returns by guaranteeing commencement of production in quick time.”

Awarding leases through a fair and transparent manner is very crucial. However, due to multiple approvals required, operationalization of mines had been getting delayed, FICCI Mining Committee Co-Chairman Sumit Deb said.

He also said: “Ninety-five leases have been allocated through auction since the introduction of auctioning regime. However, only a couple of those has been executed due to lengthy approval processes.”

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Unlike some of the major mining economies which take about a year to operationalize a mining lease, it takes four to eight years in India. Thus, the auction of mineral blocks with pre-embedded clearances is a welcome step, Deb said.

Deb concluded by saying: "It would fast track the operationalization of mines which in turn would lead to employment generation, increased revenue for the state and increase the contribution of mining to Indian GDP which has been declining gradually for over a decade.”

 

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