The mining sector, which has been braving declining investment and production, awaits a big budget booster by the new government, with more sops and subsidies. All operational non-captive mines may be allowed lease extension of 10 years beyond 2020 with another 20 years extension to be considered beyond this period. This would allow the proposals to be included in the forthcoming Union Budget. Besides, a mining regulator would be set up at both central and state levels to regulate mining activity and prevent illegal mining from flourishing. Though the contours of the mining regulator would be finalized later, it is expected to be a two-tier structure with the National Mineral Regulatory Authority at the Centre and state mining regulatory authorities to cover minor minerals at the state level. In respect of extension of mining leases, the plan is to equate operations of captive, non-captive and mines controlled by government companies. The government is set to change this by extending all private sector mining leases till March 31, 2020 and thereafter extending the lease for a further 20-year period. These changes would give a fresh lease of life to about 329 mines in 10 states that are facing closure by March 2020 under the current regulatory norms.
📅Published on:
29 May 2019
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