The Hindu : Andhra Pradesh / Hyderabad News : New mining policy to be introduced

Online edition of India's National Newspaper
Sunday, Dec 10, 2006
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Andhra Pradesh

Andhra Pradesh - Hyderabad

New mining policy to be introduced

Special Correspondent

`Foreign entities to be allowed mineral exploration'

BUSINESS MATTERS: Union Minister T. Subbarami Reddy with FAPCCI president Sudhir Sanghi and senior vice-president A. Subba Rao at a meeting in the city on Saturday. -- PHOTO: P. V. Sivakumar

HYDERABAD: Union Minister of State for Mines T. Subbarami Reddi announced that the new mining policy would be introduced by amending the Mining Act in the coming budget session to enable foreign entrepreneurs to participate in exploration and extraction of mineral wealth in the country.

Talking to reporters after participating in FAPCCI-CEO Club interactive session here on Saturday, he said although India had 18.5 lakh sq.km of mineral wealth on par with South Africa, Australia, Canada and Brazil, only 75,000 sq.km was being exploited due to lack of venture capital, modern technology and other reasons. He said the new mining policy would add Rs.50,000 crores to the GDP each year, create five lakh jobs and additional industries in steel and other sectors. Earlier addressing the gathering, he underlined the important role played by the business community in developing the country's economy. Style, demeanour, charisma were also important along with success, he told the FAPCCI members.

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