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Last Updated : May 16, 2020 07:39 PM IST | Source: Moneycontrol.com

Structural reforms to boost growth, employment in mineral sector: FM Nirmala Sitharaman

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.

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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.

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.
First Published on May 16, 2020 04:50 pm
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