India is endowed with large resources of various metallic and non-metallic minerals. The mining sector is an important segment of India's economy and, since independence in 1947, there has been a pronounced growth in mineral production, both in terms of quantity and value.
Steps have been taken to attract private investment for the exploration of mineral deposits and the operation of mines. However, actual investment in this area has been quite meager because of procedural hassles and numerous discretionary provisions in the laws which discourage prospective investors. To enhance mineral production, extensive exploration is required. An enabling environment must be created to attract new investments through private sector participation including foreign direct investment. India's on-going Eleventh Five Year Plan (2007-2012) aims to intensify the exploration activities of minerals. These objectives are to be achieved by encouraging private sector investment in exploration.
Other objectives of the Eleventh Plan include: the restructuring and modernization of the Geological Survey of India: Upgradation of the functioning of the Indian Bureau of Mines. Adoption of the United Nations Framework Classification system for classification of mineral resources. The development of minerals in the North-Eastern region. This book provides a comprehensive description and analysis of activities in all aspects of mining in India. |
