Union Finance Minister Arun Jaitley on Monday said that the Indian economy is bucking the global trend by registering more than 7 per cent GDP growth .
When the downtrend in global commodity scenario reverses, Mining industry will benefit the most, he said while delivering address at the first ever two-day National Conclave on Mines and Minerals being held in Chhattisgarh which began here on Monday.
The “National Mineral Exploration Policy-2016” was also released on the occasion.
Steps being taken to explore the resources will further boost the growth of Mines and Minerals industry. Chhattisgarh is a brilliant example of what a growing Mining sector can do for a State, he said.
This year we can expect a better GDP growth in India despite global slowdown as the signs of monsoons are better, Jaitley said.
The two-day conclave was jointly organised by Union Ministry of Mines, Government of Chhattisgarh and Federation of Indian Mineral Industries (FIMI).
“When monsoon is weak then it not only affects the agriculture produce but has impact on the purchasing power of about 55 per cent of Indian population associated with farming. This year, it seems that monsoon would be better and despite global challenge, India will do better,” he said.
Referring to the lack of clear laws and policies for allocation of minerals and spectrum during the previous regime at the Centre, he said that his Government has framed policies and made new laws that would extend the benefits from minerals to the marginalised populace.
“We have made policy that a certain portion of revenue generated from minerals would be used for development of those areas from where it is exploited,” he told the gathering of industrialists and senior bureaucrats.
“So the most backward districts which had the genuine complaint that they had the wealth gifted by nature but its benefit was being taken by others would be solved,” he said.
Earlier, Union Minister of Mines and Steel, Narendra Singh Tomar lauded Chhattisgarh’s efforts in implementing the amendments made in Mines and Minerals (Development and Regulation) Act 2015.
He informed that through the new Mining policy about Rs6,000 crore would be generated which would be transferred into accounts of District Mineral Foundations.
“Chhattisgarh would receive about Rs1,100 crore out of which Rs500 crore have already been given to the State,” he said.
Meanwhile, Chhattisgarh Chief Minister Raman Singh While lauding National Mining Policy said that it would be of immense help in improving the condition of railways and roadways in the State besides bringing about a change in the lives of the people living in far off places in Chhattisgarh.
“Apart from making optimum usage of mineral resources, we are also concerned about protecting the environment. The new mining policy would help in bringing about a change in the lives of the people, who are living in far-flung places in Chhattisgarh,” he added.
later on, the Finance Minister also inaugurated developmental works worth Rs3,000 crore to be undertaken in insurgency-hit Bastar region.
Union Minister of State for Mining and Steel Vishnu Dev Sai, Union Mining Secretary Balwinder Kumar, Chhattisgarh Industry Minister Amar Agrawal along with business personalities and secretaries of various states were also present.