Cape Town, 12 February 2015: “Indian Mining Sector is open for business”, mentioned Narendra Singh Tomar, Union Minister of Steel & Mines, while addressing the India Day session at the Mining Indaba, South Africa on11.2.15. He highlighted the changes in the new legislation brought in by Indian government, where all mining concessions are now to be granted through the auction route, making it a transparent and fair process eliminating the chances of discretion or bias, while reducing delays. He also invited companies to invest in the mining sector of the country which is on course of taking off on a higher growth path. The session elicited considerable interest amongst participants who enthusiastically participated in the interactive session, which followed a short film and a presentation, outlining the overview of the Indian mining sector.
Tomar emphasised in his address that in this age of globalization, mining is being done not only to satisfy the domestic requirements, but also to meet growing international demands. In the coming years, Mining is expected to be a key industry, attracting huge investments (both domestic and foreign) thereby generating additional employment. Today, growth in isolation is not possible. Neither it is desirable. We need to understand one another’s strengths and explore areas for cooperation. We see such a potential for partnership between India and African region.
He stated that India is rich in mineral resources, but large part of this remains unexplored. He invited the captains of mining industry to invest in exploration in the country and underlined the commitment of the government to provide all possible support. Tomar mentioned that by enhancing the lease life to 50 years and introduction of transferability of mineral concessions, India has become a very friendly investment destination.
Tomar highlighted that the new government, under leadership of Narendra modi, has launched “Make in India” campaign, with focus on manufacturing sector leading to increased demand for different minerals. Indian Corporates and PSUs are on the lookout for good investment opportunities in mining sector abroad for ensuring regular availability of minerals to the domestic industry in which India is deficient.