Govt to introduce mining reforms in monsoon session; no bill on bank privatization

The Central government will introduce a bill to reform the mining sector in the upcoming monsoon session of the parliament but has not listed any legislation to facilitate the privatization of state-owned banks.

The Centre will introduce the Mines and Mineral (Development and Regulation) Amendment Bill in the Lok Sabha during that session that starts July 18 and goes on until the middle of next month, according to a notice on the website of parliament’s upper house.

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The bill will amend the Mines and Mineral (Development and Regulation) Act and is expected to allow private companies to mine lithium and also let firms sell half of captive mine output without end-use restrictions.

In all, the Centre has listed 24 new legislations that will be introduced in the monsoon session. Another five bills that have already been introduced in the lower house will also be taken up for consideration and passing.

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The government will also introduce legislation to strengthen the insolvency code by introducing provisions on cross-border insolvency and amend the Forest (Conservation) Act to streamline the process of approvals.

It will also bring in legislation to carry out certain essential structural changes in the governing structure of the Competition Commission and change substantive provisions to address needs for new age market.

A bill will also be brought for providing regulatory framework for carbon trading and to encourage penetration of renewables in the energy mix.

Other bills to be introduced seek to revise Special Economic Zones Act, boost Multi-State Cooperative Societies and encourage scientific warehousing ecosystems.