A joint auction of bauxite and coal mineral blocks will be introduced to enhance the Aluminium industry's competitiveness, said sitharaman
Enhancing private investment in the mineral sector, the government will bring structural reforms to boost growth, employment and bring state-of-the-art technology, said Finance Minister Nirmala Sitharaman while announcing the fourth tranche of the COVID-19 relief package.
In the press conference on May 16, the finance minister said that the government would introduce a seamless composite exploration-cum-mining-cum-production regime.
Also, 500 mining blocks would be offered through an open and transparent auction process, said Sitharaman.
A joint auction of bauxite and coal mineral blocks will be introduced to enhance the aluminium industry's competitiveness, she further said. This, she said, will help the aluminium industry reduce electricity costs.
Frequently Asked Questions
A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.
There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.
Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.
She said the distinction between captive and non-captive mines would be removed to allow the transfer of mining leases and sale of surplus unused minerals, leading to better efficiency and production.
Ministry of Mines is in the process of developing Mineral Index for different minerals, announced Sitharaman.
Rationalisation of stamp duty payable at the time of award of mining leases, she added.
Earlier this week, Prime Minister Narendra Modi announced a cumulative package of Rs 20 lakh crore, nearly 10 percent of GDP, to provide relief to various segments of the economy battered by the nationwide lockdown in the wake of the coronavirus pandemic.This included the March 27 announcement of Rs 1.7 lakh crore package of free foodgrain and cash to the poor for three months and RBI's Rs 5.6 lakh crore worth of monetary policy since March. The government has, in four tranches over the last four days, announced a cumulative package of Rs 10.73 lakh crore.