With assurances of massive scope for development and business-friendly rules-regulations in the mining sector, the first National Conclave on Mines and Minerals concluded on a high note on Tuesday.
During the concluding session, while outlining the size of steel and mines industry in India, Union Steel Secretary, Aruna Sundararajan informed that the combined mines and steel Industry in India is around $125 billion.
Balvinder Kumar, Union Mines Secretary who was also present during the session, informed the gathering that by the end of March 2017 his department has planned to put about 60 to 70 blocks on auction.
Aruna Sundararajan while highlighting the contribution of steel and mining sectors towards Indian economy said, “the overall industrial production of these two sectors is 23.75 per cent and if we are looking to accelerate the national growth by 7 per cent or more than these two sectors will have to remain on the forefront of performing sectors.”
According to Sundararajan, there is a massive development potential in India and in the most conservative scenario of growth there is requirement for millions of tons of steels along with coke, limestone, and ore for at least a decade ahead.
“Government must look beyond auction as the only source of revenue. There is a golden mean and optimal to be perused between revenues and growth,” she opined.
She also advocated for framing of supportive and reasonable tax royalty regime wherein Miners do get revenue but there must also be scope for incentives that could be invested in the people who work for the mines, for inducting best technology and to ensure that they (miners) remain competitive while supplying ore to regions.
Meanwhile, Balvinder Kumar mentioning about National Mineral Exploration Policy said that hopefully in two or three month time auction for exploration block will take place.
“Hundred blocks of 100 sq km each which makes 10,000 sq km of land will be put on auction on a very fast mode,” he said. In various technical sessions discussion was held over National Mineral Exploration Policy, Mineral Policy and Regulations, Roadmap for Mining Sector, offshore Mineral Rules, Atomic Mineral Rules and Raw Material Scenario for the Steel Industry.
The occasion was marked with the presence of Subodh Kumar Singh, Secretary Mineral Resources Department Chhattisgarh and industry leaders.