Srinagar, Aug 02(KNS): The Parliament of India has passed the Mines and Minerals (Development and Regulation) Amendment Bill, 2023, which has significant implications for the mining sector in the country.

The bill aims to open up the mining of six out of the 12 atomic minerals to the private sector. These minerals include lithium, beryllium, niobium, titanium, tantalum, and zirconium. By allowing private sector participation in mining these strategic minerals, the government intends to boost domestic production and reduce reliance on imports.

Furthermore, the bill empowers the central government to exclusively auction mining leases and composite licenses for certain critical minerals, which could potentially attract investment from both domestic and foreign players. This move is expected to bring in much-needed capital and technology to efficiently extract and utilize these resources.

The amendment marks a departure from the previous approach where all 12 atomic minerals were reserved exclusively for state-owned entities. By opening up these minerals for private sector exploration, the government aims to accelerate the growth of the mining industry, create employment opportunities, and enhance India's self-sufficiency in these crucial minerals.

In addition to atomic minerals, the bill also focuses on deep-seated minerals such as gold, silver, copper, zinc, lead, nickel, cobalt, platinum group minerals, and diamonds. These minerals are often difficult and expensive to explore and mine compared to surficial or bulk minerals. By allowing private sector involvement in mining deep-seated minerals, the government hopes to tap into untapped resources and boost overall mineral production in the country

During the discussion on the bill in the Rajya Sabha, some opposition members demanded a statement from Prime Minister Narendra Modi on the Manipur violence issue, leading to a walkout. However, the bill was eventually passed by the Upper House by voice vote. The legislation received support from various members, who emphasized the importance of the bill in the context of India's changing economic landscape and the need to harness the country's vast mineral wealth.

The Minister for Coal and Mines, Pralhad Joshi, highlighted the significance of the bill, citing India's dependence on mineral imports despite having significant reserves. He attributed this situation to policy paralysis, corruption, and nepotism in the previous government. With the passage of this bill, the government aims to promote sustainable and efficient mining practices while fostering economic growth and self-reliance in the mining sector.(KNS).