The new mining policy, which was referred to a group of ministers (GoM), is expected to be tabled in Parliament in the monsoon session, Minister of State for Mines T Subbarami Reddy said on Wednesday.
The GoM on mines headed by Home Minister Shivraj Patil would meet on July 6 to discuss the policy.
"I hope that the policy is cleared by the GoM on July 6 and subsequently should come up in Parliament in the monsoon session," Reddy said.
He said the new policy targets at least two billion dollars FDI annually and would be able to generate additional employment for five lakh people in the next five years.
"We expect the policy to generate FDI to the tune of two billion dollars annually. The ministry aims at reducing the delays in exploration work so that the effective contribution of the sector to the country's GDP can be significantly increased," the minister said.
On the issue of granting mining lease to South Korean steel giant Posco, the minister said the Centre and the ministry has asked the state government to expedite the process.