India produces a total of 88 types of minerals, including four fuel related, 10 metallic minerals, 50 non-metallic and 24 minor minerals, accounting for around 5.3% of the world’s mineral production.
Against the backdrop of a long phase of policy gaps and judicial interventions across the mineral and resources sector, the National Mineral Policy, 2019 (policy), has now been notified to bring about changes making India’s mineral and resources sector globally competitive and moving closer towards resource security.
Exploration incentives: The policy proposes simpler, more transparent and time-bound procedures for obtaining clearances, incentives for the use of state-of-the-art technologies in exploration of minerals, the right of first refusal at the time of auction and seamless transition from reconnaissance permit to prospecting license to mining lease or auctioning of a composite reconnaissance permit cum prospecting license cum mining lease in virgin areas on a revenue-sharing basis, or any other appropriate incentive in accordance with international practices. It also proposes tax incentives for risk capital and industry status to the mining sector.
Security of tenure: The policy proposes assured security of tenure to the concessionaire and an increase in the trust levels in the process by way of inclusive policies, increased responsiveness, better regulation, transparency, openness and fairness.
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