A vibrant mining sector has the capacity to spur growth and add up to $ 70 billion to the country’s economy as well as generate 60-70 lakh jobs, a report by industry body CII said. The mining sector has the potential to propel economic growth not just through its contribution to GDP but also through its forward and backward linkages. Over last two years, the government has taken some important steps for removing stagnation in the sector. A major step is the enactment of Mines and Minerals (Development and Regulation) Act, 2015, which has made the process of allocation of mines transparent by introducing auctions. The tenure of the mineral concessions has also been increased from the existing 30 years to 50 years. Environment and Forest clearances take long time in clearing adding that industry realizes that these are non-negotiable and sustainable development needs have to be addressed at all stages. Environment Ministry has launched online portals for submission of applications and responses to queries but the desired results are yet to be achieved.

(Economic Times)