India plans mining regime to lure int'l investment
The Govt is in the process of reviewing the National Mineral Policy to attract foreign investors in the sector.india Updated: Mar 07, 2006 13:10 IST
India is planning to set up a "new mining regime" to attract foreign investment in exploration and mining of minerals and metals, a top official has said.
"Under the regime, apart from increasing area of operation and duration of concessions, the government is considering to grant 'right to transfer licence' to a foreign company, and simplify procedures for granting licence for exploration and mining,"Secretary of Mines AK Jadhav said.
The new regime would come into force soon after amending relevant statutes that would further encourage foreign investors in exploration and mining, he said at an International Conference on Mines organised by Natural Resources Canada and Canada-India Minerals and Metals Forum.
The government is in the process of reviewing the National Mineral Policy to make the sector more attractive to foreign investors.
Seamless transfers from one concession to another with easy transferability would receive the government attention, Jadhav said.
Federation of Indian Mineral Industries Secretary General RK Sharmainvited Canadian investment in exploration and mining of minerals and metals, saying that key bottlenecks that discouraged foreign investment were being addressed by the government.