New mineral policy to attract foreign investments cleared

March 13th, 2008 - 11:35 pm ICT by admin  

New Delhi, March 13 (IANS) The cabinet Thursday cleared a new mineral policy that is expected to attract foreign investment to the tune of $250 million a year in the mining sector. “An amendment bill will be introduced during the budget session of parliament to bring about a suitable amendment in the Mines and Minerals (Development and regulation Act 1957), the Mineral Concession Rules, 1960 and Mineral Conservation and Development Rules, 1988, to give effect to the new National Mineral Policy 2008,” Principal Information Officer Deepak Sandhu told reporters after the cabinet meeting.

The policy has taken into cognisance key recommendations made by a Group of Ministers (GoM) set up by the government to look into the matter.

The key concerns of mineral-rich states like Jharkhand, Orissa and Chhattisgarh have also been accommodated while finalising the new policy.

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