The central government passed a bill in the Lok Sabha on Friday to further improve the country’s mining sector. The bill proposes amendments to the Mines and Minerals (Development and Supervision) Act. Union Mines Minister Prahlad Yoshi said that even if the central government auctioned off the mines, all its revenue would be paid to the state.
The Minister of Mines added that the new MMDA will create legal employment opportunities. Unemployment will decrease. In addition, private companies can use new technology. The bill has been passed in the Lok Sabha. It was introduced at the beginning of this week.
The bill proposes that all mining revenues be paid to the state. Only the central government will focus on transparency. There are about 95 mines in India. Yet the country relies on South Africa and Australia for coal and gold.
The Union Minister of Mines also said that 1.85 per cent of GDP depends on the mines. After the new law, it will increase to 2.5 per cent. Employment will be created. It will reduce the gap between small and large mines. There will also be foreign investment in the mining industry.
