The Union Cabinet has approved the National Mineral Policy of 2019. National Mineral Policy 2019 replaces the National Mineral Policy 2008.
Objective: To have a more effective, meaningful and implementable policy that brings in further transparency, better regulation and enforcement, balanced social and economic growth as well as sustainable mining practices.
Key Features
Grant status of industry to mining activity to boost financing of mining for private sector and for acquisitions of mineral assets in other countries by private sector
Introduces the concept of Inter-Generational Equity
Constitute an inter-ministerial body to institutionalize the mechanism for ensuring sustainable development in mining
Rationalize reserved areas given to PSUs which have not been used and to put these areas to auction, which will give more opportunity to private sector for participation
Introduce Right of First Refusal for RP/PL holders
Encourage the private sector to take up exploration and supports merger and acquisition of mining entities
Transfer of mining leases and creation of dedicated mineral corridors to boost private sector mining areas.
Long term import export policy for mineral which will help private sector in better planning and stability in business
Make efforts to harmonize taxes, levies & royalty with world benchmarks to help private sector
Benefits: The New National Mineral Policy will ensure more effective regulation. It will lead to sustainable mining sector development in future while addressing the issues of project affected persons especially those residing in tribal areas.
