Amendments To The Mines And Minerals (Development and Regulation) Act:
The Union Cabinet has approved amendments to the Second Schedule of the Mines and Minerals (Development and Regulation) Act, 1957 for specifying the rate of royalty in respect of Glauconite, Potash, Emerald, Platinum Group of Metals (PGM), Andalusite, Sillimanite and Molybdenum.
- The approval would ensure auction of mineral blocks in respect of Glauconite, Potash, Emerald, Platinum Group of metals, Andalusite and Molybdenum for the first time in the country.
- Minerals like Glauconite and Potash are used as fertilizer in agriculture.
- Platinum Group of Metals (PGM) are high value metal used in various industries and new innovative applications.
- Minerals like Andalusite, molybdenum are vital minerals used in industrial applications.
- Encouraging indigenous mining of these minerals is in the National interest that would lead to a reduction in imports in potash fertilizers and other minerals.
- This step taken by the Ministry of Mines is also expected to increase the generation of employment in the mining sector.
- It will also ensure increased availability of minerals for the downstream industries and support agriculture.
- The approval will lead to import substitution in respect of many important minerals for the economy of the country thereby saving valuable forex reserves. It will reduce the country’s foreign dependency through the local production of minerals.