The Centre is keen to get private sector into mineral exploration as government agencies entrusted with the job are unable to meet desired output levels. This was stated by Union Steel and Mines Minister Narendra Singh Tomar at an interactive session on 'Development of Mineral-Based Industries in Vidarbha' organised by Manganese Ore India ltd (MOIl) here on Saturday.
"We have plenty of natural resources and sufficient manpower but exploration has not been to the desired extent all these years. Therefore, private players would be entrusted with the job of mineral exploration," he said. Mineral exploration in the last 66 years had been quite meagre in India as compared to China and South Africa. Therefore, there was a need for carrying out more exploration in near future, the minister said.
Tomar said his ministry is setting up a National Mineral Exploration Fund from the royalty collected from respective states and some money will also be allocated from the Union Budget.Tomar said the amendment in the Mines and Mineral Development Regulation Act, 1957 via an ordinance recently has paved the way for putting in place transparent policies for the key sector.