Government policy allowing 100% FDI boosts investments in aluminium industry: Mines Minister

While speaking at the concluding ceremony of INCAL-2019, Narendra Singh Tomar, union mines minister said that foreign direct investment (FDI) inflows raised in the aluminium industry led by the policy of allowing 100 per cent FDI in automatic route for mining and exploration in metal and non-metals sector.

He further said the government would continue to develop and encourage greater FDI in the aluminium sector as a means to attract more funding for aluminium projects.

“The Mines Ministry is committed to the development of the aluminium sector and will look into the recommendations that come out of INCAL 2019. Mining constitutes an important contributor to the economy. During the last three years, the sector has witnessed major policy interventions to promote exploration and enhance private sector participation.”

Tomar opined the 2015 MMDR Amendment Act, which established a transparent and competitive online auction for allocating mineral blocks, and the National Mineral Exploration Policy, which encourages private sector participation, also strengthened the country’s aluminium industry.

The three-day INCAL-2019 conference for the first time held in the eastern region can be seen as a welcome step, considering Odisha with more than 50% of bauxite reserves is turning out to be the aluminium capital of India, said Dharmendra Pradhan, Union Minister of Petroleum & Natural Gas, Skill Development & Entrepreneurship.