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Mines and Mineral (Development and Regulation) Act
Why is it in news?
- The Lok Sabha passed a Bill to amend the Mines and Mineral (Development and Regulation) Act (MMDR Act) through a voice vote.
Details
- Under the provisions of the Bill, the private sector with enhanced technology would be allowed in mineral exploration.
- The Bill removes the distinction between captive and non-captive mines.
- The Bill seeks to introduce an index-based mechanism by developing a National Mineral Index (NMI) for statutory payments.
- The National Mineral Exploration Trust (NMET), to see the functioning of the sector, will be made an autonomous body.
Background:
- India produces 95 minerals and has same potential like South Africa and Australia but the mining sector was under-explored and India still had to import minerals like gold and coal.
- The mining sector contributes 1.75% to the country’s GDP.
Source: The Hindu