23 MARCH 2015AlCircle.com
Parliament passes the Mines and Minerals Development and Regulation (MMDR) Bill, 2015
Edited by : AL CIRCLE
1 min read
On Friday, the Parliament passed the much debated Mines and Minerals Development and Regulation (MMDR) Bill, 2015, a move that is expected to boost investments in the country.
For the Indian economy to receive the much needed thrust forward, foreign investments are necessary and mining is a good industry to draw in interest. However, the irregular licensing systems are a great deterrent and Kameshwara Rao, the Energy, Utilities and Mining leader at PwC says, "Clarity on licensing terms, auctions, transfer of concessions will enable the sector to attract investment on its own terms, without having to depend on end-use plants."
Despite the improvements the new Bill will bring, steel and aluminium companies can expect a rise in costs as there are fears of higher royalty payments for minerals mined by the companies.
The Bill, now an Act, will help bring transparency in mine allocations of minerals like iron ore and bauxite and cut down the corruption seen in these sectors said Mines Minister Narendra Singh Tomar. To see previous news coverage on the topic, click here .
For the Indian economy to receive the much needed thrust forward, foreign investments are necessary and mining is a good industry to draw in interest. However, the irregular licensing systems are a great deterrent and Kameshwara Rao, the Energy, Utilities and Mining leader at PwC says, "Clarity on licensing terms, auctions, transfer of concessions will enable the sector to attract investment on its own terms, without having to depend on end-use plants."
Despite the improvements the new Bill will bring, steel and aluminium companies can expect a rise in costs as there are fears of higher royalty payments for minerals mined by the companies.
The Bill, now an Act, will help bring transparency in mine allocations of minerals like iron ore and bauxite and cut down the corruption seen in these sectors said Mines Minister Narendra Singh Tomar. To see previous news coverage on the topic, click here .
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