Allocation of Mining Blocks Brings Rs 1.55 Lakh Cr for States | CORPORATE ETHOS

Allocation of Mining Blocks Brings Rs 1.55 Lakh Cr for States

By: | July 23, 2018
goldmine
Jul 23: The allocation of 43 mining blocks by states since the passage of Mines and Minerals (Development and Regulation) Act has generated Rs 1.55 lakh crore for the states, according to Narendra Singh Tomar, Union Minister of Mines. At an ASSOCHAM event here, the Minister said the funds could be used for reducing poverty, generate jobs for youth and promote infrastructure development.
The auctioning process is transparent and 102 more blocks are ready for auction. “We have been urging the states to auction them speedily and forward it to the centre for environment and forest clearance and we will support them in this behalf.”
“We have been urging the states to auction them speedily and forward it to the centre for environment and forest clearance and we will support them in this behalf.” Mr Tomar said.Mr Tomar also urged the private sector and public enterprises to proactively participate in mineral exploration in the vast 8 lakh square kilometre geographical area.
NITI Ayog Proposal
The Ministry of Mines is contemplating on and is willing to adopt the method suggested by NITI Aayog CEO, Mr Amitabh Kant regarding major policy changes to allocation and operation of mines in the country.Whatever he said was more based on principles and it is the job of the NITI Aayog to hold discussions on such issues, it has already taken a note of the subject and is working on it,” said Mr Tomar while inaugurating an ASSOCHAM India Mining Summit.
He added that while his ministry too wanted to establish such kind of a method but it would take some time.