New mining policy in three months: MinisterPublished by MAC on 2006-02-19
New mining policy in three months: Minister
19th February 2006
Visakhapatnam: A new mining policy to streamline exports and meet the needs of the local would be launched within three months, Minister of State for Mines T Subbirami Reddy said today.
Expressing concern over the inability to properly exploit the natural resources that was available in the country, he said the existing mining policy needed amendments to benefit the country as a whole by making proper use of resources like bauxite, iron ore,gold and alumina.
Talking to newspersons here, Mr Reddy said the country stood fifth in the world in terms of mines resources, but was placed 100 in terms of generating revenue from the mines.
He said, though, priority would be given to Indian companies, Multinational companies would also be invited to explore the mines in our country, especially in Andhra Pradesh.
The Minister stressed the need to adapt modern technologies that are being used in Australia, UK, Russia, USA and Germany.
He said the objective of the new policy would be to explore maximum mine resources in the country and preference would be given to local industries in the utilisation of the resources.
Mr Reddy said development of the industrial sector would create more employment opportunities for the youth.
Explaining the necessity for each ministry to contribute for the growth of GDP, he said the MNCs should be given the task of surveying, investing and exploring the mineral resources on a sharing basis.
He said this would have retrospective effect on the generation of employment, alleviation of poverty and illiteracy.
He said industrial investment of Rs 10,000 crore would be brought to Visakhapatnam in three years.
He said he would try to get the captive iron ore mine for Visakhapatnam Steel Plant soon.
Bauxite mining in Araku valley in the district, which had raised serious ecological concerns, would be done in such a way that ecology and natural resources in the area were not affected, he added.